AP attracted record `9.41L cr investments since FY19: Study
The highest investment inflow of Rs 3.32 lakh crore was recorded in FY23; Proactive policies have made the difference, points out top official
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Andhra Pradesh, since FY19 to FY23, has announced new investment projects both government and private sector, worth of Rs 9,41,020 crore and highest has been in 2022-23 of Rs 3,32,186 crore, according to the study jointly carried out by the MSME Export Promotion Council and the Confederation of Organic Food Producers & Marketing Agencies.
Releasing the study recently, Chairman of the MSME Export Promotion Council (former Secretary General of Assocham) Dr D S Rawat said, “As per the data made available by the Centre for Monitoring of Indian Economy (CMIE), during this period the investment projects completed in the State were of Rs 1,34,419 crore and pending projects worth Rs 27,110 crore were revived.”
He said, in 2022-23, while the total investment projects outstanding were worth Rs 17,90,533 crore, the projects under implementation were of Rs 7,51,980 crore. The study has underlined the need for setting up a high-powered monitoring committee to expedite the withheld projects. If implemented expeditiously, Dr Rawat said, could generate over two lakh direct and indirect jobs.
Reacting to the study, Advisor to AP on Industries Lanka Sridhar told Bizz Buzz on Tuesday that investments in AP under the leadership of Chief Minister YS Jagan Mohan Reddy have touched a good number in 2022-23. MoUs envisaging an investment of Rs 13.5 lakh crore were signed during Global Investment Summit (GIS) in March in Visakhapatnam. The projects are being grounded phase-wise with regular monitoring with pro-active policies. “We are creating lakhs of new jobs for our youth. It’s only when the rural youth are empowered, we can see growth in those areas,” he said.
Sridhar said creating an industrial ecosystem to foster growth for existing and new companies is at the top of the government’s agenda. Revenue land reforms and policies initiated under the present government will have a positive impact on the society. He said, “We are starting those welfare schemes, which will bring equitable growth in the society. We are developing infrastructure in schools, hospitals, colleges, ports, airports, fishing harbours, irrigation, etc. that will pay dividends for future generations.”
