Andhra cabinet approves ₹85K-cr investments in industry sector
The first meeting of the SIPB was held in Amaravati on Tuesday to finalise the investments for which MoUs were signed with various companies in the last five months
The Andhra Pradesh cabinet chaired by chief minister N Chandrababu Naidu on Wednesday approved the decision taken at the state investment promotion board (SIPB) to generate industrial investments to the extent of ₹85,083 crore generating 33,966 new jobs, people familiar with the matter said.
The first meeting of the SIPB was held in Amaravati on Tuesday to finalise the investments for which MoUs were signed with various companies in the last five months. “This marks a significant step in the state’s efforts to foster industrial growth and tackle unemployment,” an official statement from the chief minister’s office said.
The investments related to several high-value projects, including 10 heavy industries. Prominent among them are of ArcelorMittal-Nippon Steels, which plans to set up an integrated steel plant at Bagaraiahpeta near JV Nakkapalli at an investment of ₹61,780 crore that would create around 21,000 jobs.
Other notable projects include LG Electronics India Pvt Limited’s investment of ₹5,001 crore, which will provide 1,495 jobs, and Kalyani Strategies System Limited’s ₹1,430 crore investment, which will generate 565 jobs. Additionally, Phillips Carbon Black Limited is investing ₹3,798 crore to provide 200 jobs, while Azad India Mobility Limited will invest ₹1,046 crore, creating 2,381 employment opportunities.
The cabinet also decided to amend Andhra Pradesh Preventive Detention Act, giving more teeth to the police to control organised crimes. It also proposed to create an elite anti-narcotics task force in the name of “EAGLE” to prevent smuggling and consumption of narcotics.
The cabinet approved the proposals of the technical committee on Amaravati capital city works and decided to call for fresh tenders to complete the works.
The cabinet also approved the new sports and tourism policies. The tourism sector would be given industry status and accorded all the incentives being given for industries.
The cabinet decided to do away with the judicial preview policy introduced by the previous YSR Congress Party (YSRCP) government for all the tenders that are worth more than ₹100 crore.
Another decision taken by the cabinet was to reduce the period of introducing no-confidence motion against the existing chairpersons in the local bodies. Amendments to this effect would be made in the AP Panchayat Raj Act.