VIJAYAWADA: Andhra Pradesh has emerged as India’s top investment destination, attracting investments to the tune of Rs 40,361 crore in the first seven months of 2022. According to the Department for Promotion of Industries and Internal Trade (DPIIT) report (July 2022), India’s actual industrial investment between January and July stood at Rs 1,71,285 crore. Of the total, AP topped the list with Rs40,361 crore investments, followed by Odisha with Rs 36,828 crore.
Andhra Pradesh and Odisha accounted for 45 per cent of the entire investment inflow in the country.
Although the State has emerged as the top investment destination, it has underperformed in terms of commencement of commercial production.
According to sources, as against the investment inflow of Rs 40,361 crore, industrial projects worth just `6,173 crore have commenced commercial operations. Meanwhile, Industries Minister Gudivada Amarnath expressed happiness over the achievement and stated that the government has been focusing on investments in renewable energy and port-based sectors. He said the government has selected 29 locations suitable and viable for renewable power projects.
Stating that AP has the second longest coastline (972 km) in the country, he said in addition to the six existing ports, the government has taken up construction of three more ports and nine fishing harbours.
Asserting that the government’s steps will definitely give a boost to the economy of the State, the minister said, “We already have industries in agriculture, aquaculture, apparel and footwear sectors. The State is also leading in exports of marine products in the country. Recently, Andhra Pradesh was chosen for establishment of a Bulk Drug Park (BDP). It is the only Southern State to get the BDP.”
Recalling that Memoranda of Understanding for projects worth over Rs1.25 lakh crore were exchanged on the sidelines of the World Economic Forum at Davos, Amarnath said the delegation led by Chief Minister YS Jagan Mohan Reddy met several industrialists and succeeded in bagging investments for AP.