Synopsis
The Andhra Pradesh State Investment Promotion Board has approved 15 investment projects totaling ₹44,776 crore, aimed at creating over 19,000 jobs, primarily in the renewable energy and food processing sectors.Key Takeaways
- 15 projects approved by SIPB.
- Total investment of ₹44,776 crore.
- Expected job creation of 19,580.
- Focus on renewable energy and food processing.
- Government to expedite project implementation.
Amaravati, Jan 31 (NationPress) The Andhra Pradesh State Investment Promotion Board (SIPB) has recently sanctioned 15 projects totaling an investment of ₹44,776 crore. This decision was made during the third SIPB meeting, presided over by Chief Minister N. Chandrababu Naidu.
These initiatives are projected to generate 19,580 jobs.
The approved projects primarily focus on the renewable energy and food processing sectors.
With this latest approval, the cumulative investment sanctioned by SIPB over the past seven months has surpassed ₹3 lakh crore.
The Chief Minister has mandated officials to expedite all required permissions and initiate steps to ensure the swift commencement of these projects.
Thanks to the investment-friendly strategies implemented by the state government in recent months, Andhra Pradesh is becoming a hub for substantial investments.
Since the Telugu Desam Party-led NDA assumed power seven months ago, the SIPB has authorized investments worth ₹3,10,925 crore, aiming to create 3,12,576 jobs.
In its inaugural meeting, SIPB approved investments totaling ₹83,987 crore, followed by approvals of ₹1,82,162 crore in the second meeting.
During the recent meeting, Chief Minister Naidu instructed officials to consistently monitor the progress and take actions to ensure that investments, especially those over ₹10 crore, are fully realized as soon as possible.
Emphasizing the competitive landscape, he urged officials to adopt the Speed of Doing Business initiative to achieve favorable outcomes.
The Chief Secretary, K. Vijayanand, was tasked with conducting regular review meetings to facilitate permissions at the state level.
Additionally, he was instructed to coordinate with district collectors to assess the progress of ongoing work.
Chief Minister Naidu mentioned that a state-level coordinator will be designated to monitor project progress from the grassroots to the state level, manage the necessary permissions, and address on-ground challenges.
He also stressed the need for officials to prioritize tourism projects to accomplish a minimum of 20 percent progress in this sector.
