TIRUPATI: Chief Minister N Chandrababu Naidu has asserted that it is time to focus on ‘Speed of Doing Business’ rather than ‘Ease of Doing Business’ to elevate the State’s industrial landscape.
“Andhra Pradesh has always been at the forefront of industrial development. With our strategic location, skilled workforce and proactive governance, the State is the ideal destination for industries. Since 2015, we’ve been ranked No. 1 in ‘Ease of Doing Business’, but it’s time now to focus on ‘Speed of Doing Business’ to truly elevate our industrial landscape,” he said.
During his visit to Sri City on Monday, the Chief Minister reaffirmed AP’s status as a premier destination for industrial investment by emphasising its commitment to enhancing ‘Ease of Doing Business’.
Speaking at an event where he inaugurated 16 industrial projects and laid the foundation stone for eight new ones, he urged industrialists to focus on reducing product and logistics costs, leveraging the State’s superior connectivity. He also witnessed the signing of MoUs between Sri City and five new companies, signalling a commitment to further growth.
New ventures expected to create over 15k jobs
The new ventures will come up with a total investment of `3,683 crore, and they are expected to create over 15,280 new jobs in the region.
Naidu expressed his satisfaction with the rapid development of Sri City, which now hosts over 200 companies from 30 countries, and underscored the importance of product perfection to remain competitive in the global market.
He also addressed past challenges, acknowledging that the previous administration had neglected investments and left issues unresolved like pending industrial incentives and infrastructure gaps. He assured industry stakeholders that his government is committed to resolving these challenges by rationalising taxes, creating industry-friendly policies, and enhancing the overall business environment.
Naidu exhorted industrialists to collaborate with the State government to reduce production costs and make AP a global leader in manufacturing, thereby contributing to his goal of eliminating poverty and promoting Telugu entrepreneurs on the world stage.
During an interactive session with industry leaders, Naidu commended C Srini Raju, Chairman, and Ravindra Sannareddy, Founder Managing Director of Sri City, for their vision and dedication in transforming an underdeveloped region into a global model for industrial development. “Sri City has emerged as one of the finest examples of industrial development in the country and beyond, a fact of which I am immensely proud,” he averred.
The Chief Minister announced that fire renewals for industries are now needed every five years, not annually.
Ravindra Sannareddy said, “Sri City has crossed another significant milestone, marking a pivotal moment in its continued development. Under your dynamic leadership and forward-thinking industrial policy, the State will continue as the preferred destination for global investments.”