Cites Investor Ease, Support to MSMEs & World Class Infra as Priority
The state government of Andhra Pradesh recently unveiled its new industrial policy marking the end of the old industrial policy which lapsed on March 31st 2023.
The new industrial policy will be in force from April 1st 2023 to 2027 and aims to foster world class infrastructure, strengthen MSMEs, generate employment while also lays significant thrust on startups and innovation.
Giving the foreword for the new industrial policy the Chief Minister, Mr Jagan Mohan Reddy said ‘Through the New Industrial Policy we intend to facilitate higher flow of FDI into AP, while nurturing and promoting local enterprises and helping them globalise their businesses. We continue with our focus on MSME, employment generation, sustainable development and environmental preservation and measures to bring women, socially disadvantaged and minority segments to the forefront of economic development process’.
The new industrial policy was recently unveiled in the port city of Visakhapatnam by the minister for Industries, Commerce, Infrastructure & Investment and IT, Mr Gudivada Amarnath, Special chief secretary, Industries and Commerce, Mr Karikal Valaven, Director of Industries, Ms G Srijana, and Advisor to GoAP, Mr Sridhar Lanka.
Unveiling the new policy the minister said ‘The industrial policy 2023 envisions to carve an unchallenged place for Andhra Pradesh as a global investment destination’.
With renewed focus on port led industrial development one of the welcome moves that the policy has done is to grant industry status to the logistics sector. This is noteworthy as the state government has undertaken the development of 4 greenfield ports.
Similarly it lays a strong focus on augmenting industrial infrastructure within the state and creating world class industrial townships, logistics hubs and urban amenities along the three industrial corridors. Private Industrial parks on the lines of Sri City have also been envisioned.
The new policy also relaunched the YSR AP ONE program which was part of the old industrial policy however hadn’t got implemented then.
Launching the YSR AP ONE portal the minister stated that this app will provide end to end service support to investors for enhanced performance levels.
The government reiterated its stance of land allotment by APIIC within 21 days. ‘This policy lays thrust on hassle free allotment for land for industrial purpose and on ensuring land allotment is done by APIIC within 21 days noted the Industries minister.
Similarly the policy listed a slew of fiscal incentives for micro, small and medium industries while a special package for early bird projects was also announced.
Industry Association lauded the new industrial policy and credited the government for coming out with the policy aimed at spurring economic growth, creating employment and bolstering infrastructure. Hailing the policy FAPCCI President, Mr Karunendra S. Jasti however also noted that there is a drastic reduction in the benefits offered from the earlier policy, Government should take adequate steps to fulfil the assured commitments towards incentives, tax concession etc. within the stipulated time.