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Andhra Pradesh, top investment destination
Syed Amin Jafri in Hyderabad |
January 07, 2004 19:08 IST
Andhra Pradesh has moved to first place among the states in the country with a strike rate of 68 per cent of investment proposals from 1991 to 2003.
Addressing a luncheon session with focus on Andhra Pradesh at the ongoing Tenth Partnership Summit 2004 organised by CII, Andhra Pradesh Chief Minister Chandrababu Naidu said that the state received investment proposals aggregating to Rs 136,227 crore (Rs 1,362.27 billion) from 1991 to 2003. In terms of investment proposals that have been implemented, Andhra Pradesh occupied the first rank.
"We are again the first in terms of live investments in the manufacturing sector with Rs 30,179 crore (Rs 301.79 billion) of live investments. From 1995 to 2003, industry provided employment to an additional 18 lakh (1.8 million) people in the state.
Andhra Pradesh, which ranked 22nd in 1995 as an investment destination, now ranked second. "Our aim is to become number one in the near future," he added.
The chief minister said that the state was in the forefront in the country in taking up the second generation reforms in 1996.
The state has taken up reforms in economic, fiscal and power sector. Apart from public sector reforms, the state also initiated municipal reforms. The state has decided to introduce reforms in the labour sector as well.
"This government is totally proactive to improve the efficiency in every sector," he said.
He said reforms were no longer an option but a compulsion in the present context. Every country and state has taken up reforms with human face though the pace and magnitude of reforms might differ from nation to nation and province to province.
"Andhra Pradesh wants to give a lead to the country in state-level reforms and our aim is to make our state the growth engine for the Indian economy," he stated.
Naidu said that Andhra Pradesh, being an investor-friendly state, has pushed ahead attracting investments in many sectors, particularly information technology, power, pharma, biotechnology, food processing, et cetera.
"The state believes in partnerships with investors to create an environment conducive to rapid industrial development of the state," he observed.
"This state is moving ahead to create a knowledge economy. For us, IT represents not merely information technology but also India's transformation. IT can transform the day-to-day life of the people of this country and launch us into the knowledge era," he said.
He pointed out to how Andhra Pradesh has been progressively implementing e-governance so as to make the government efficient, effective, transparent and citizen-friendly.
Inviting the investors to come to the state, he said that Andhra Pradesh was blessed with abundant natural resources. It was a state with a strong agricultural base. It was the second largest mineral storehouse in India with large reserves of unexploited minerals.
"Gas strikes in the Krishna-Godavari basin have opened up unimaginable possibilities for the rapid development of the state," he pointed out.
He said the state was keen to invite private investment in all major infrastructure sectors such as seaports, airports, roads and bridges. Further, the state has initiated a set of prestigious projects for development of high quality infrastructure for IT, agri export, pharma/biotech, apparel, textiles and leather.
"We have formulated a new industrial policy and sector specific policies for development. We have set up 'AP First' to drive growth by attracting domestic and foreign investments in focussed sectors," he said.