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Industrialists promise investment of up to Rs 13 lakh crore at Andhra Summit

March 3, 2023
Bharat Times

Over Rs 13 Lakh Crore Investments In Andhra Pradesh On Day 1 Of Global Investors Summit

New Delhi:

Investors have invested up to Rs 13 lakh crore on the first day of the Global Investors Summit in Andhra Pradesh. Chief Minister Jaganmohan Reddy, who has been criticized in the past for being welfare-oriented and not industry-friendly, explained why the state is attractive to investors.

“We have received 340 investment proposals with an investment of about Rs 13 lakh crore. They will provide employment to about six lakh people in 20 sectors distributed across the state,” Mr Reddy told the delegates at the end of the inaugural session.

Mukesh Ambani, Karan Adani, GM Rao, Krishna Ella, Naveen Jindal and Puneet Dalmiya were some of the top businessmen who attended the event held in Visakhapatnam.

Mr. Ambani, owner of Reliance Industries, spoke of building the largest digital footprint network in Andhra Pradesh by investing over Rs 40,000 crore.

Mr. Ambani said, “Our 4G network covers more than 98 percent of Andhra Pradesh’s population, including people living in the most remote corners of the state. Jio’s true 5G rollout across India, including Andhra Pradesh, by 2023 will be completed by the end.” Said.

“We will continue our investment and will invest in 10 GW of solar power in Andhra Pradesh,” he said.

How much investment will materialize is open-ended. The chief minister is hoping the summit will bring much-needed investment and jobs to the state, while also changing the perception that he is welfare-oriented and not industry-friendly, an idea that took root when he signed Canceled trade agreements. The previous TDP government with the Singapore Consortium.

Mr Reddy said Andhra Pradesh has been ranked No. 1 in Ease of Doing Business rankings for the past three years, with the state recording its highest-ever Gross State Domestic Product, or GSDP, growth of 11.4 per cent in 2021-22.

Andhra Pradesh has six ports, with four more coming up along its 974-km coastline. The government says that large plots of land are available for industries. It has promised approval in 21 days and allotment of land within 30 days.

In the summit, industrialists who have made big investments in Andhra Pradesh and are expanding their business also shared their experiences.

“Andhra Pradesh is known for excellent infrastructure, large manufacturing base, talented youth and business friendly environment. It has the second longest coastline in India and has positioned itself as one of the most prominent contact points with major world markets. The overwhelming response to the Investors Summit shows that Andhra Pradesh is a unique business destination,” said Adani Ports CEO Karan Adani.

“I congratulate the state’s leaders for their vision towards a sustainable future for being recognized by the World Bank as the number one implementer for the Energy Efficiency and Conservation Program,” he added.

He congratulated Mr. Reddy for his “astute leadership” and supporting businesses that brought conglomerates like Adani to Andhra Pradesh. The Adani group is active in a number of sectors in the state, from ports, logistics, power and edible oil to data centres.

“We have already invested Rs 20,000 crore and it has created 18,000 direct and 54,000 indirect jobs,” Adani said.

He said that the Adani Group is committed to the Chief Minister’s vision of port-led industrial development. The group manages two major ports. Shri Adani described it as an excellent model of Public-Private Partnership.

Adani said, “The capacity of the two private ports is 100 million tonnes per annum. Another 100 million tonnes of capacity will be added in the next five years and they will be converted into industrial ports.”

Naveen Jindal of JSP shared his positive experience of working in Andhra Pradesh. “We see it as a potential industrial hub in the future. Andhra Pradesh is renowned for its excellent infrastructure, large manufacturing base, talented youth and business-friendly environment,” he added.

Mr Reddy said Vizag would be his working capital and he would soon move to the city. The issue of three capitals for Andhra Pradesh, a backlash from former chief minister Chandrababu Naidu’s plan for a greenfield capital, is pending in court.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group company.)

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