AP’s Emphasis On Speed Of Doing Biz Lands 2 Big-Ticket Investments

Visakhapatnam: The significant shift in focus in approach by the Andhra Pradesh government from ease of doing business (EDB) to speed of doing business (SDB) has helped in clinching two key investment proposals in a record span of time.

The development assumes importance with the Industrial Development Policy 4.0 (2024-29) cleared by the Cabinet recently, eyes at attracting investments to the tune of Rs 30 lakh crore and see operationalisation of Rs 5 lakh crore projects during the five year period.

If TDP national general secretary and Minister for IT, Electronics and HRD Nara Lokesh is to be believed, AP could attract two prime deals including the willingness by IT major TCS to set up a 10,000-seater campus at Visakhapatnam, the largest city in Andhra Pradesh. Chief Minister N Chandrababu Naidu has declared his desire to develop Visakhapatnam on the lines of Cyberabad by attracting multiple big ticket projects and transforming the city into a financial capital.

During the recent ITServe Alliance Synergy Conference attended by him at Las Vegas, Lokesh said they concluded the discussion with TCS top brass in just 90 minutes. The glaring instance of how they are ensuring speed of doing business was concluding the discussion with TCS within one and half hours to finalise its investment in Visakhapatnam after convincing its top management on the industry-friendly atmosphere being created in Andhra Pradesh after formation of the TDP-led NDA government.

The biggest ever single investment in India was finalised through a Zoom call to convince ArcelorMittal and Nippon Steel India (AM/NS India) to set up a 17.8 million tonnes integrated steel plant near Anakapalle in North Andhra with an investment of Rs 1.40 lakh crore in two phases, Lokesh declared in a post on Linkedin.

"The project was finalised during a Zoom call in July, where I had the opportunity to speak with ArcelorMittal CEO Aditya Mittal. "This meeting marked a milestone, capping off extensive discussions that began with my initial outreach to AM/NS India's team. When I first initiated dialogue, my primary aim was to comprehensively understand their specific requirements and expectations for investing in Andhra Pradesh,” Lokesh in a post on Linkedin. After a crucial meeting with TCS top brass on Saturday, Chief Minister N Chandrababu Naidu said on X that he met Executive Chairman of Tata Companies N Chandrasekaran at Amaravati. The discussions reflected on the remarkable legacy of Ratan Tata, whose visionary leadership and contribution left an indelible mark on India's industry landscape.

Naidu said Tata Group continues to be an important stakeholder in the growth of Andhra Pradesh. He said during his meeting with Chandrasekaran, "I also discussed some key areas of growth in AP, where GoAP and Tata Group could collaborate. TCS is committed to establishing a new IT Development Center in Visakhapatnam, with a potential for up to 10,000 jobs. In order to boost tourism and industrial growth, Indian Hotels is exploring setting up another 20 hotels across the State (Taj, Vivanta, Gateway, SeleCtions and Ginger Hotels) along with a large convention centre." Naidu said Tata Power is evaluating over 5 GW in solar and wind projects, with a potential Rs 40,000-crore investment in AP. Entrepreneurs across the State while hailing policies declared recently to attract investments into industries, MSMEs, data parks and semiconductors and fab sector, said they have been batting for speed of doing business and reduction in cost of doing business for a long time."We are hopeful that the government will be successful in ensuring speed of doing business after revamping Andhra Pradesh State Economic Development Board (APSEDB) to create the right climate required to bring more investors," Vizag Development Forum president and Symbiosys Technologies CEO Naresh Kumar told Bizz Buzz. There is also scepticism about the government's claims. "They are making tall claims but as far as TCS is concerned there is no official announcement yet by the company. Instead of indulging in hype, first let the investments materialise to stake claim for bringing mega investments," YSRCP leader and former Industries and IT Minister Gudivada Amarnath, pointed out.