Govt. is focused on creating conducive environment for industrial growth in Andhra Pradesh, says Finance Minister Keshav

Govt. is focused on creating conducive environment for industrial growth in Andhra Pradesh, says Finance Minister Keshav. A sum of ₹3,127 crore has been allocated to the sector in the 2024-25 Budget, he says, adding that the government has been able to rekindle interest among investors to make Andhra Pradesh their investment destination of choice.

Andhra Pradesh Finance Minister Payyavula Keshav said in the Legislative Assembly on November 11, 2024 (Monday) that the government was focused on building a conducive environment for the growth of the industrial sector, for which a sum of ₹3,127 crore had been allocated in the Budget for FY 2024-25.

Mr. Keshav stated that new policies had been devised to encourage investments, entrepreneurship and employment generation.

The Industrial Development Policy 4.0, the AP MSME Development Policy 4.0, the AP Policy for Establishment of Private Industrial Parks with Plug and Play, and the AP Food Processing Policy 4.0 were drafted to achieve the aforementioned goals.

Mr. Keshav said a competitive incentive structure was introduced in those policies and the same garnered positive feedback from the industry. The government could rekindle the interest among investors to make Andhra Pradesh their investment destination of choice, he added.

Mr. Keshav observed that the destruction and collapse of the energy sector was a result of the damaging actions of the previous regime, which started with the cancellation of the long-term Power Purchase Agreements (PPAs), and it was tantamount to “removing the first brick from the foundation of the energy sector.”

The policy measures of the previous YSR Congress Party (YSRCP) Government triggered the collapse of the energy sector expansion plans and caused power shortages and subsequent power purchases at higher cost, he said.

As a consequence of the YSRCP government’s misdeeds, the consumers had to pay higher cost for power as true-up charges, he said. The present government was committed to undoing the damage and providing low-cost and 24x7 quality power supply to the consumers, he asserted.