Andhra Pradesh's New Industrial Development Policy to boost infrastructure
VIJAYAWADA: The state government’s Industrial Development Policy 2020-23, to be unveiled on Monday, will focus on providing best-in-class infrastructure, zero-hassle set-up, skilled labour and end-to-end hand-holding support for units to provide an industry-friendly environment on a par with international standards. Emphasis is also being laid on reducing the risk and cost of doing business.
The incentives to be given to industries include reimbursement of 100 per cent stamp duty, power reimbursement of Rs 1 per unit for five years, reimbursement of 100 per cent net SGST for five years, interest subsidy of three per cent for five years, and reimbursement of 25 per cent land conversion charges up to Rs 10 lakh.
Industries and Commerce Minister Mekapati Goutham Reddy and AP Industrial Infrastructure Corporation (APIIC) chairman RK Roja will unveil the Industrial Development Policy on Monday.Officials said the new policy would focus on 10 sectors, including toys and furniture, footwear and leather, machinery and precision equipment, aerospace and defence, besides the already in-focus sectors such as pharmaceuticals, textiles, automobiles, electronics and petrochemicals.
The objectives of the policy include creating employment for youth of the State according to their aspirations, and planning a balanced growth across regions and communities, thereby bridging regional and communal fault-lines.
Sources said the policy proposes to focus on food processing, mega bulk drugs, pharma and life sciences parks, mega textile park, textile centre of excellence, and aerospace and defence parks with common testing facilities.Besides supporting MSEs to grow through scale of enterprise reform, the policy aims at empowering women entrepreneurs of backward communities by creating an enabling environment.
Incentives to promote new industries in AP
To promote the setting up of industries, incentives on power, stamp duty, land conversion charges, investment subsidy and interest subsidy to micro and small enterprises will be given, besides the incentives to SC/ST/BC/minority women entreprene-urs. While incentives to proposed medium, large, and mega proje-cts would be based on employ-ment potential, tailor-made incentives to mega units would be based on their importance to the industry sector, sources said.
