VIJAYAWADA: The State government is set to roll out the Industry Policy 2020-25 next week. Sources in the industry department said the revised policy has been submitted to Chief Minister YS Jagan Mohan Reddy recently and that it will be unveiled next week.
“Though we planned to implement the new policy from the beginning of the current fiscal, it was delayed because of the coronavirus situation. We have made some changes in the policy drafted earlier and submitted it to the Chief Minister. We expect that the policy will be unveiled next week,” an Industries department official told TNIE.
Speaking on the contents of the new policy, the official disclosed that the government will extend performance-based incentives to industries. “Unlike the previous practice of luring investors with incentives, the government is planning to provide incentives only for those investors who perform well in terms of production, give jobs and meet the deadline as mentioned in the agreement,” he said.
The new policy focusses on the reforms being brought in to simplify the process involved in giving approvals to industries. It will highlight the support to be given to the industries and availability of natural and human resources in the State. “Rather than offering just incentives, the policy focusses on the steps to give confidence to investors,” he explained.
“Apart from laying emphasis on attracting new investors, priority will be given to ensure that the existing units get support. Anicipating that industrialists might withdraw investments from China and prefer India as an alternative, we are taking steps to turn AP as a preferred destination for investments,” he explained.