Andhra to seek $1 trn investments over a decade, committed to deep tech: CM

State's innovation efforts include plans to launch India's first drone taxis in two years, says Chandrababu Naidu

Andhra Pradesh aims to get $1 trillion investments over the next decade with steps like an escrow account for companies to end red tape in financing, the state government said on Friday.

 

The state’s innovation efforts include plans to launch India’s first drone taxis in two years, it said at the 30th CII Partnership Summit in Visakhapatnam.

 

Chief Minister N Chandrababu Naidu said Andhra Pradesh will become the first state to offer an escrow account system for investors. “Once you sign the MoU [memorandum of understanding], the escrow account will be created automatically, and funds will be released through the bank in real time. You won’t need to approach any officer or investor. If required, we will even provide sovereign guarantees,” he said.

 

 

Addressing summit delegates from 72 countries on grounds of Andhra University College of Engineering, Naidu said India’s first drone taxis will be launched from Andhra Pradesh in two years. The plan’s details are not clear yet.

 

Andhra Pradesh has in the last 18 months got $20 billion in commitments that will generate 2 million jobs. The new target is of $500 billion investments in three years to create 5 million jobs, and a “larger vision” of $1 trillion investment over the next decade, he said.

 

The state will need more green energy to power upcoming data centres. “Now, deep technologies, data centres are coming. Google has announced $15 billion [AI centre in Visakhapatnam]. In these two days, another 4-5 gigawatt (GW) data centres are going to come. For 1 GW data centre, we need 6 GW of power and green energy. It will have a multiplier effect,” Naidu said.

 

He urged global companies to sign MoUs before leaving the summit, assuring them of the state’s track record of seamless execution. “After the MoU, you don’t need to remind us — our team will follow up. That is our credibility. For anybody investing in Andhra Pradesh, everything will get done in real time with an MoU. We want to integrate technology and agriculture, roads, ports, airports — everything,” Naidu said.

 

He spoke about how as Chief Minister in various tenures his government had focused on Hi-Tech City in Hyderabad and promoting the information technology sector. “Today, I can say Indians are dominating IT. Every fourth IT professional globally is from India, and among the four, one is from Andhra Pradesh.”

 

The state provides investments in ports, airports, roads, railways, logistics parks, dry ports, inland waterways, and expanding sectors like pharmaceuticals and healthcare. “Andhra Pradesh is ready for next-generation growth across all sectors,” he said.

 

The state is investing in renewable energy, with a focus on green hydrogen. “The central government is focusing on 500 GW of green energy and among that, we are going to produce 160 GW. Even the cost of the battery is coming down now. We have solar, wind, and pumped storage plants also,” he said.

 

Andhra Pradesh is coming up with dedicated space city, drone city, robotics, semiconductor, and defence corridors, as well as an aerospace city.

 

“We are going to have a quantum valley and green hydrogen valley. Within two years we are going to produce quantum computers for the global market,” the Chief Minister said.