VIJAYAWADA: Chief Minister N Chandrababu Naidu has announced that the capital city of Amaravati will soon have Ratan Tata Innovation Hub.
Reviewing the draft policies for industrial development, MSMEs and food processing with senior officials at the State Secretariat on Monday, he made it clear that employment generation is his government’s top priority.
The industrial policies should lay emphasis on employment generation and pave the way for Speed of Doing Business by attracting huge investments, he said.
Later he posted on social media platform X, “To commemorate the profound legacy of Mr. Ratan Tata, we have decided to establish an Innovation Hub titled ‘Ratan Tata Innovation Hub’ at Amaravati. This hub will foster innovation, and entrepreneurship ecosystems and mentor startups. This hub will be linked to five other zonal centers, each mentored and fostered by reputed business groups, and facilitate technology and skill upgradation in emerging sectors.”
He felt that more exercise was needed on the policy on private industrial parks and decided to bring before the Cabinet the other three policies at its next meeting.
As the officials submitted to the Chief Minister the policies formulated on these subjects, Naidu conducted an in-depth study and also shared his views and experiences with them. The meeting also decided to extend subsidies to those who come forward to invest in the State soon after these new policies come into effect.
The draft policies mentioned that those 200 companies that come forward first to submit their Consent of Establishment and Date of Commercial Production may be provided with more incentives while those that provide more employment opportunities will be given an additional 10% incentive.
The Chief Minister informed the meeting that the State government is thinking of a novel way of providing industrial incentives through escrow accounts, which he felt, will help provide more encouragement for industrial progress and better employment opportunities.
The MSME policy should be formulated in such a way that it focuses on the concept of ‘One Family-One Industrialist’, he said.
The review meeting also discussed in detail the steps to be taken to achieve the results in the food processing sector like aqua and poultry sectors while it cleared the proposal to provide an additional 5%incentive for SC and ST and women entrepreneurs in MSME and food processing sectors.
However, the policy on the industrial sector will be brought before the Cabinet only after another detailed exercise. Ministers Kondapalli Srinivas and TG Bharat and senior officials of the concerned departments attended the meeting.