Industry Minister of Andhra Pradesh Gudivada Amarnath said that the YSRCP government implemented the new industrial policy even though the existing policy had expired. Many governments would take long pauses to announce new policies even after the existing contract term had expired. Putting this practice aside, the YSRCP government introduced the New Industrial Policy 2023-27, which is an investor-friendly policy.
This shows Prime Minister YS Jagan Mohan Reddy’s commitment to industrial development and job creation, the minister said.
Industry Minister Gudivada Amaranth released the New Industrial Policy and also launched YSR AP One on Monday, saying that CM Jagan Mohan Reddy was prioritizing many sectors neglected by previous governments. He said the new industrial policy shows the state’s financial growth. Ware Housing received industry status in the New Policy. The new policy focused on low-cast – low-risk companies.
He said the required 96 permits for setting up industries would be issued in 21 days.
For this, the state government had brought the YSR AP One app and their office would be in Vizag. “The state government would also set up sub-centres in the district industrial centers. The land allocation for the investors would take place in 21 days. The YSRCP government would give priority to BC, SC, ST, minorities and women in the industrial sector. The state government aimed to expand the industry to three lakh acres,” he said.
He added that CM Jagan Mohan Reddy is planning to build a new industrial park through a public-private partnership (PPP). Apart from that, more funding would be allocated to boosting start-up culture, developing MSME parks and building Iconic Tower – I Space to boost the innovation sector. Walk to work The concept of the IT sector would also include other industries, said Gudivada Amarnath.
The minister added that the state would receive investment in 14 sectors that were the focus of the recent Global Investors Summit. “Food processing, medical device manufacturing, renewable energy and other sectors where the state would get investment.
The state government would set up a joint venture of Rs. 15,000 crore in defense and
Aerospace sectors,” he said.
Stable government and industry policies with reforms attracted investors during the Global Investors Summit. The state government planned to use its entire 600 miles (974 km) of shoreline as CM decided to build harbors and fishing ports alongside port-based industries on 48,000 acres adjacent to those ports and ports. The state government would promote overland waterways instead of road transport.
Industry Ministry special chief secretary Karikal Valavan said that since the state has already established the AP Inland Water Authority, a policy will be launched in logistics and a coast-based transportation system will be developed. There is a need to improve research and development in all sectors, he said.
Industry Department Director G. Srijana said that the new policy would come into effect after the completion of the existing policy. The new policy was designed to ensure that all areas in the state receive industrial development.