Andhra Pradesh Approves Rs 47,776 Crore Investment Projects for Economic Growth

On January 31, the Andhra Pradesh State Investment Promotion Board (SIPB) approved 15 new investment projects with a total investment of Rs. 44,776 crore. The decision was made during the third SIPB meeting, which was chaired by Chief Minister N. Chandrababu Naidu.

These approved projects are expected to create 19,580 new jobs. The majority of the projects focus on the renewable energy and food processing sectors, which are seen as key areas for growth in the state.

Total Investment Surpasses Rs 3 Lakh Crore

With this approval, the total value of investments approved by SIPB in the past seven months has now exceeded Rs. 3 lakh crore. This is a significant achievement for the state’s economic development, with SIPB clearing projects that will generate 312,576 jobs.

In previous meetings, SIPB approved:

First meeting: Rs. 83,987 crore in investments
Second meeting: Rs. 1,82,162 crore in investments

Government’s Focus on Business-Friendly Policies

Chief Minister Chandrababu Naidu emphasized the importance of speedy implementation of these projects. He directed officials to ensure that all necessary permissions are cleared promptly and that steps are taken to ground these projects quickly.

Since the Telugu Desam Party-led NDA government came to power in the state, investment-friendly policies have attracted significant investments.

Monitoring and Regular Review

The Chief Minister also instructed officials to monitor progress regularly and take steps to ensure that investments, particularly those worth Rs 10 crore and above, are implemented without delay. He mentioned that there is tough competition and urged officials to use the Speed of Doing Business initiative to achieve positive results.

To ensure smooth operations, Chief Secretary K. Vijayanand has been asked to hold regular review meetings to fast-track the approval of permissions at the state level, while also working with district collectors to monitor progress at the ground level.

Focus on Tourism Projects

In addition to business investments, the Chief Minister highlighted the importance of promoting tourism projects and aims to achieve at least 20% progress in this sector.