Andhra Pradesh Set to Attract Rs 1.82 Lakh Crore Investment, Creating 2.64 Lakh Jobs

Andhra Pradesh Set to Attract Rs 1.82 Lakh Crore Investment, Creating 2.64 Lakh Jobs

Over Rs 1.82 lakh crore has been invested in nine significant industrial projects that have been authorized by the Andhra Pradesh State Investment Promotion Board (SIPB). According to estimates, these initiatives would create 2.64 lakh jobs in the state, greatly increasing employment and economic expansion. Chief Minister N. Chandrababu Naidu presided over the SIPB meeting, which was centered on expediting these advancements. Officials were instructed by CM Naidu to make sure that all inbound investments received prompt clearances, including land allocations. He underlined that swift action is required to achieve the lofty objectives set forth for these initiatives.

Key Projects and Investments

The establishment of a sizable treatment facility at Ramayapatnam, Nellore district, by Bharat Petroleum Corporation Limited (BPCL) is quite possibly the most imperative turn of events. The processing plant, which possesses 6,000 sections of land and requires a huge venture of Rs 96,862 crore, is expected to create 2,400 businesses. Besides, BPCL means to build a municipality that will yield significant income for the state over the following 20 years, complete with a regulatory block, petrochemical office, treatment facility, and learning focus. Before 2029, the task is projected to be done, acquiring an expected Rs 88,747 crore for the state.

In Visakhapatnam, Tata Consultancy Services (TCS) plans to invest Rs 80 crore, creating jobs for 2,000 people. The establishment of a green manufacturing plant for electric buses, three-wheelers, and battery packs on 70.71 acres in Satya Sai district by Azad India Mobility Limited is another noteworthy undertaking. 2,381 persons are anticipated to be employed by this project. With an investment of Rs 1,174 crore, Balaji Action Buildwell Pvt Ltd would set up a facility in the Anakapalli area, generating 1,500 employees. Due in large part to the recently implemented clean energy regulations, which are expected to create more than two lakh employment in the renewable energy industry alone, a number of other entrepreneurs are also considering investing in the state.

Renewable Energy and Power Sector Investments

In the Kurnool district, Tata Power Sustainable Energy Limited would contribute Rs 2,000 crore to fabricate a 400 MW solar power facility on 1,800 sections of land, producing 1,380 businesses. In the YSR region, Dependence Enterprises Restricted is spending Rs 65,000 crore on some extra power projects that are expected to give work to multiple lakh people.

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Chief Minister’s Directions

Inquiring about the status of projects approved at the last SIPB meeting, Chief Minister Naidu encouraged authorities to make sure that the infrastructure and other facilities needed to enable these projects are delivered as soon as possible. In order to secure more investments and guarantee the timely completion of all planned initiatives, he also urged authorities to make use of state incentives and subsidies.