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Eyeing post-Covid investment pie, Andhra government forms panel for fast approvals 

This Task Force will act as a forum for attracting investments on long term basis into the State,’’ the GO said.

Published: 22nd May 2020 09:19 AM  |   Last Updated: 22nd May 2020 09:19 AM   |  A+A-

Mekapati Goutham Reddy

Mekapati Goutham Reddy

By Express News Service

VIJAYAWADA: With an objective to grab any available opportunity for attracting investment to the State, the government on Thursday constituted a task force headed by Industries Minister Mekapati Goutham Reddy and with officials of seven core departments for speedy approval of projects. The task force has officials of finance, energy, industries and commerce, energy, mines, water resources, IT departments and Economic Development Board. The government wants to vet investment proposals in a single meeting rather than circulating files through various departments, which takes a longer time. 

“The task force will look into the new investment proposals and decide how much subsidy or incentive the government can afford to give without bankrupting the State,’’ Goutham Reddy said. The minister said that all the permissions needed for the projects will be discussed and vetted in a single meeting. Goutham Reddy said the State government’s decision was in tune with the Centre’s policy. “The Centre is also identifying suitable projects for the State,” the minister said citing Chennai-Tirupati-Nellore Tri-city industrial corridor.  

Constituting the task force, the industries and commerce department in a Government Order said economic issues and supply chain constraints caused by COVID-19 has resulted in many countries rethinking their investments in China. “Reports indicate USA, South Korea, Japan, Taiwan, Vietnam, Singapore and others are likely to diversify their supply chains from China and India could emerge as an alternative investment destination for doing business. This Task Force will act as a forum for attracting investments on long term basis into the State,’’ the GO said.

While Goutham Reddy will lead the Task Force as chairman, R Karikal Valaven (Special Chief Secretary Industries and Commerce Dept) is its Vice- Chairman. Adityanath Das (Special CS, Water Resources), SS Rawat (Principal Secretary Finance Department), Gopal Krishna Dwivedi (Principal Secretary, Mines), Nagulapalli Srikant (Secretary, Energy Department) and Kona Sasidhar (Secretary, IT) are the other members of the panel. JVN Subramanyam (Director of Industries cum CEO, APEDB) is its convenor. The Task Force may co-opt members from the industry as per need from time to time with the permission of the Chairman. 

Rs 450 cr to be released as 1st instalment to MSMEs
Vijayawada: Industries and Commerce Minister Mekapati Goutham Reddy has informed that the government will launch Industries Restart Package to the tune of `1,120 crore to help the MSMEs. As part of it, the government will be releasing funds to the tune of ` 450 crore as first instalment towards the outstanding incentives to the MSMEs on Friday.  The State has to give outstanding incentives to the MSMEs to the tune of `904.89 crore and it was earlier decided to extend the same in two phases. Chief Minister YS Jagan Mohan Reddy, who will be releasing the first instalment of `450 crore on Friday, assured to release the second instalment soon. Of the dues of ` 904.89 crore, ` 827.50 crore pertains to the incentives kept pending by the previous TDP government 

The Investment Promotion Agency of GOI has identified Chennai-Tirupati-Nellore Tri-city industrial corridor as one among the 10 key centres for manufacturing across 9 states in the country that have high potential to attract #investments post Covid19 Mekapati Goutham Reddy

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