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Andhra Pradesh to roll out its new industrial policy this week

With an eye on boosting Andhra Pradesh’s economy and increasing its competitiveness, the AP government will be rolling out its new industries and IT electronics policy on Wednesday, Mekapati Goutham Reddy, state minister of industries, commerce, IT, skill development & training, infrastructure & investments, announced at the TOI conclave – ‘Reboot Andhra Pradesh: Making Andhra Pradesh Future Positive’ on Monday.

The state government will be working with stakeholders from industry to improve its ease of doing business (EoDB) quotient and maintain its numero uno position in the national EoDB rankings, he said at the inaugural of the four-day virtual conclave Reboot Andhra Pradesh, which is being supported by Rashtriya Ispat Nigam Limited in association with Visakhapatnam Special Economic Zone, Eastern Power Distribution Company of Andhra Pradesh, Coastal Local Area Bank and TNR Talent High School.

The minister said that going ahead, the state must aim higher and instead of only competing with neighbouring states, it must set higher benchmarks and compete with the likes of Vietnam, Thailand and South Korea that have grown rapidly in the past few years.

Even as AP looks at attracting big ticket investments from MNCs and domestic giants, he said the state government is also helping MSMEs grow as well as cope up with the challenges posed by Covid-19.”We were the first state to revive MSMEs through our Rs 1,100 crore ‘Restart Package’; announced on April 30, 2020, and we completed the implementation of the same by June 30.

This, along with schemes like Dr YSR Navodayam and YSR Nirman are testimony to the state’s commitment to industrialisation. We have also released Rs 905 crore of pending incentives to the MSME sector in two phases” he said.

The industries minister said the state will continue to work towards building infrastructure and skill development. Reddy pointed out that the pandemic has offered a window of opportunity for India to emerge not only as a self-reliant nation but as a favourable global investment destination. –The Times Of India

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