17 February 2023, Bengaluru: The state of Andhra Pradesh showcased its rich natural resources, large investments in infrastructure, land bank, and intensive reforms in rules and regulations at successful investors meeting held in Bengaluru. These efforts, taken together, position Andhra Pradesh as the state where abundance meets prosperity. The event is one of many such meets being organized in the run-up to the Global Investors Summit on March 3rd-4th 2023 in Visakhapatnam.
The agriculture and food processing industry in the state offers large opportunities with a double-digit growth rate. The GVA of the Agriculture & Allied Sector for the year 2021-22 is estimated to be INR 2 Lakh Cr., with a growth rate of 11.27%.
The state ranks first in India in aquaculture accounting for 24% of the nation’s fish production, second in the production of paddy, maize, and groundnut, and fourth in milk and meat production.
Important steps have been taken by the government to boost the industry. 10,788 YSR Rythu Bharosa Kendras have been established as “One Stop Shops” for a variety of agricultural and related services. The state was ranked first in registered food processing units during the annual Survey of Industries 2019–20 due to its ease of doing business. The state has been ranked first in the total value of trade conducted on the e-National Agriculture Market (e-NAM) in FY 2019–20 thanks to government facilitation and technology deployment.
Speaking on the occasion Mr. Gudivada Amarnath, Minister for Industries, Infrastructure, Investment & Commerce, IT, Handlooms & Textiles highlighted the state’s export potential. The honorable minister said, “According to LEADS Report 2022, the state’s exports increased by 15.31% from the previous year in 2021–2022, classifying it as “Achievers” in the Coastal States. With the completion of new ports and also further development of infrastructure for the last-mile connectivity, the state’s share in exports can reach up to 10% of India’s total exports.”
Addressing the investors Mr. Buggana Rajendranath, Minister for Finance, Planning, Commercial Taxes, Skill Development, Training & Legislative Affairs assured the investors of the fast-paced implementation of projects in the state. “We strongly believe reducing the time to start a business will have a significant impact on the manufacturer’s profitability. The state is building numerous plug-and-play facilities which will have ready-built factory sheds with quality power and water supply and help speed up setting up of manufacturing units,” said the honorable minister.
Mr. Amarnath also added that in the last 3.5 years, the state has approved investments to the tune of Rs. 1.9 lakh Crore. “That would go on to create employment for around 90,000 people in the state in the future,” he said.
Key functionaries from various departments, ministries, and state government institutions had an open interaction with the investing community in Bengaluru. Promising to handhold potential investors and facilitate the fastest turnaround time the presentations showcased the present and upcoming infrastructure and the conducive policy environment of the state.
Manufacturing, food processing, ports, IT and Electronics, handlooms, and textiles sectors attracted significant interest at the event. Andhra Pradesh is India’s gateway to the southeast with its 974 km long coastline, the second longest in the country, 6 existing ports, and 4 upcoming ports. However, it has also emerged as the fastest-growing state in India, as per the number released so far, with double-digit growth of 11.43% in 2021-22. The state has embarked on a rapid growth path under the able leadership of Sri Y.S. Jagan Mohan Reddy, Honourable Chief Minister. Thanks to the governance reforms and formulation of investor-friendly policies by the government, the state has emerged on top in terms of ease of doing business (EoD) for three consecutive years.
Consistent improvement in the governance framework to create hassle-free investing is augmented by hard infrastructure as three of the country’s eleven industrial corridors are being built in Andhra Pradesh alone. The improvements have been duly recognized and the state has received various awards over the last year alone.To name a few the LEADS award for logistics 2022, the Inertia Award for Energy 2022, the ET award for port-led, and the infrastructure project 2022.
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