Visakhapatnam: Two ministers said that the government was waiting for the response from the Election Commission of India (ECI) for announcing incentives to industrialists and business persons, who are scheduled to participate in the Global Investors Summit being hosted here.
Speaking at the summit venue, Andhra University Engineering College grounds on Thursday, finance minister Buggana Rajendrannath Reddy said that since the model code of conduct was in force, they sought permission from the ECI for announcing incentives.
“We are expecting a reply on Friday when we begin the summit proceedings,’’ he said.
Rajendrannath Reddy said that even without incentives, the government could attract investors due to the natural resources, long coastline and basic infrastructure facilities in the state.
Minister for municipal administration Adimulapu Suresh said that the investors were taking into consideration a stable government, which the YSRC has been providing consistently.
“Our Chief Minister Y.S. Jagan Mohan Reddy is the brand ambassador of the state. He can attract investors,’’ Suresh said.
Local MP M.V.V. Satyanarayana said that the government would come up with a new industrial policy during the summit. The core theme is to provide support to industries across the business value chain — from approvals to set up and beyond, supporting operations and scaling up.
“We saw a growth rate of 11.43 per cent in 2021-22, and contributed 5.05 percent of India’s gross domestic product (at constant prices). Being the youngest state in India, this growth is remarkable,’’ he said.
Satyanarayana said that the state was working towards integrated logistics-based infrastructure development, which means port-led industrialisation with ultra-modern or multipurpose ports, road and rail-based economic corridors having large industrial hubs, developing fishing harbours, processing zones and the likes. The government is also developing airports with a focus on industrial cargo. Besides, there are proposals to explore setting up an aerotropolis – a metropolitan region whose infrastructure and economy are centred on an airport.
He said plans were afoot to develop Andhra Pradesh into a logistics hub not only for India but also for south Asia.
“Our government is focusing and promoting emerging sectors that are in demand globally, while ensuring sustainability. Renewable energy has been the focus and plans to develop green energy, electric vehicle manufacturing, ethanol manufacturing and pumped storage. Some priority areas are economic corridors, petrochemical regions, bulk drug parks, and a logistics policy,” he said.
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