The Andhra Pradesh Government on the 10th of August, launched the ‘Industrial Development Policy, 2020 to 2023.
Mekapati Goutham Reddy, the Minister for Industries in Andhra Pradesh unveiled the new policy during an event in Amaravati.
The event for the launch of the Industrial Development Policy 2020 to 2023 was organised at the APIIC office and relayed virtually.
The new industrial development policy emphasizes on balancing growth across regions and communities. It also focuses on reducing the cost of business and would help the Micro, Medium and Small Entrepreneur (MMSEs) to achieve scale and improve competitiveness.
Andhra Pradesh has 70.9% (2018) of its total population in the working-age and this is the second-highest share in India.
Therefore, the new policy would promote skill development and entrepreneurship.
Under the new policy, 10 sectors would be in focus including niche sectors like Toys and Furniture, Footwear and leather, machinery and precision equipment, aerospace and defence including sectors like Pharma, Textiles, Automobile, electronics and Petrochemicals.
The Industry minister said, “Government of Andhra Pradesh has prepared this policy after extensive stakeholder consultations with industry and academic, incorporated global best practices while ensuring that the aspirations of the youth are addressed in this policy.” He further added, “Chief Minister Y.S. Jagan Mohan Reddy is keen on equitable development and affecting the change at the grass-roots level, hence the policy lays focus on equitable development across the regions while providing special incentives for women and SC/ST/BC entrepreneurs.”
Mr. Mekapati Ghoutam Reddy said, “We intend to provide the best-in-class infrastructure, zero hassle setup, skilled labour availability and end to end handholding support for units to provide an industry-friendly environment at par with international standards. The focus of the policy is on asset creation – providing ready-built pre-cleared facilities and skill development centres which can serve as a base for the growth of the State.”
R. K. Roja, Chairperson of the APIIC, Karikal Valaven, Special Chief Secretary, Industries and Commerce, J.V.N.Subramanyam, Director Industries and Chief Executive Officer (CEO) of APEDB, G. Anantha Ramu, Special Chief Secretary, Department of Skill Development and Training, S.S.Rawat, Principal Secretary, Finance, Solomon Arokiaraj, Secretary, CMO, Bhanuprakash Yetaru, Secretary to Government, Information Technology, Electronics and Communications (ITE&C,) were also present in the event.
Stay tuned for further updates.