VIJAYAWADA: Bifurcation of the combined State in 2014 was a challenge for Andhra Pradesh, but it presented a lot of opportunities of growth for both the States, Finance Minister Buggana Rajendranath remarked on Friday. He further added that Andhra Pradesh shares a rich history of economic and industrial development across multiple sectors and continues to contribute to the growth of India’s economy too.
Addressing a roadshow held in Hyderabad to invite investors to participate in the Global Investors’ Summit-2023, Buggana said AP is taking big strides as evident from its economic growth.
The summit is scheduled to be conducted in Visakhapatnam on March 3 and 4.
“In fact, the State recorded GSDP growth rate of 11.43 per cent, which was the highest among all States in the fiscal 2021-22. In the last three years, the State’s exports have increased at a compound annual growth rate (CAGR) of 9.3 per cent. Over the past few years, the government of Andhra Pradesh has undertaken several path-breaking reforms and initiatives to strengthen governance, improve business environment, promote policy stability, drive competitiveness, and enhance transparency, to boost the investment climate,” he pointed out.
Asserting that AP is blessed with abundant natural resources, mineral wealth, number of leading educational institutions and skilled youth and presents a low-risk and easy environment for businesses to grow, he mentioned that the State is renowned for its strategic geographic advantages on India’s east coast, robust infrastructure, thriving industrial and business ecosystem, skilled manpower, and the immense potential for growth.
Besides highlighting the three industrial corridors passing through AP, the Minister also explained about the progress of the State in renewable energy and other sectors.Stating that the cost of industrial land in Andhra Pradesh was comparatively much lower than in Telangana, he felt that in the case of the neighbouring Telugu State, industries must depend on nearest ports in AP for import/export of commodities and raw materials, which doesn’t make the State amenable to manufacturing of export-based industries, or ones which especially rely on transportation of heavy goods (automobile, heavy engineering products, steel).
All such industries will prefer to be around the ports to reduce cost and increase ease of logistics, he observed.Reiterating that AP has embarked on a rapid growth path under the leadership of Chief Minister YS Jagan Mohan Reddy, he said the State has emerged on top in terms of ease of doing business (EoDB) for three consecutive years because of the governance reforms and formulation of investor-friendly policies by the government.
“Our government has taken various steps to ensure rapid industrial growth by ensuring stable governance and a hassle-free business environment. The Global Investors’ Summit is an ideal platform for companies to learn about the State. its advantages, and witness the progress being made to engage with us and discuss potential opportunities to collaborate,” Buggana explained.
Industries Minister Gudivada Amarnath said they had a very positive response so far in New Delhi, Mumbai, Bengaluru and Chennai for the domestic roadshows. “I believe that such industry meets can enhance collaboration and synergy throughout the nation’s business community,” he said.
The minister pointed out similarities between Hyderabad and Visakhapatnam, the venue of the summit and he said that the Port City has always been a strong industrial hub. “Vizag is the largest city in AP and will serve as its administrative headquarters in months to come,” he said.
