AP SIPB clears investments worth Rs 19,037 crore

Vijayawada: The State Investment Promotion Board (SIPB), at its meeting presided by Chief Minister Y S Jagan Mohan Reddy at Tader on Monday, approved the investment proposals to a tune of Rs 19,037 crore with an employment potential of about 69,565.

The Chief Minister directed officials to get updated with the emerging trends and revolutionary changes taking place across the world in the industrial sector and bring in necessary changes in the industrial policy of the State. “With utmost transparency in the implementation of industrial policies, we stood first in the EoDB (Ease of Doing Business). We shall continue the journey by creating more favourable conditions for the investors so that more industries would be established,” he said.

Despite speedy clearances and giving the assurance that we are just a phone call away in solving problems of investors and industrialists, there is a need to expedite the licensing and clearance procedures for ensuring quick industrial growth, he said, adding that the steps to translate the MoUs signed at the Visakhapatnam GIS into reality should be expedited. The Chief Minister also asked the officials to keep up the momentum in handholding the MSMEs and supporting them at every step as many people are dependent on them.

The proposals approved include, Pepper Motion which would establish a manufacturing unit of electric buses with an investment of Rs 4,640 crore at Punganur in Chittoor district. It will have an employment potential of 8,080. This apart, JSW would set up an industrial park at S Kota in Vizianagaram district with an investment of Rs 531 crore providing direct and indirect jobs to 35,750 and 9,375 respectively.