SIPB approves Rs 85,083 Cr investments to generate 33,966 jobs

Andhra Pradesh: In its first meeting post-government formation, the State Investment Promotion Board (SIPB) approved ₹85,083 crore worth of investments across 10 companies, promising to create 33,966 jobs and boost Andhra Pradesh’s industrial landscape.

Rs 85,083 Cr investments approved

The SIPB, chaired by Chief Minister Chandrababu Naidu, reviewed and greenlit investment proposals for 10 major industries, highlighting a significant push towards economic development:

ArcelorMittal & Nippon Steel JV: Rs 61,780 crore for an integrated steel plant in Bangaraiyapet, creating 21,000 jobs.

LG Electronics India: Rs 5,001 crore investment, generating 1,495 jobs.

Astha Green Energy Ventures: Rs 8,240 crore for renewable energy projects, providing 4,000 jobs.

Green Co Solar IREP: Rs 2,000 crore investment, creating 1,725 jobs.

Additional projects include Kalyani Strategy Systems, Philips Carbon Black, and Ecoren Energy India, collectively contributing thousands of employment opportunities.

Focus on employment and land pooling policy

The Chief Minister emphasized the adoption of a land pooling policy to ensure fair acquisition processes for large industries. He proposed three approaches to land acquisition:
1. Land pooling modeled after Amaravati.
2. Skill development programs and employment opportunities for land providers.
3. Offering the best compensation packages for landowners.
Naidu stressed the need to balance industrial growth with the welfare of affected landowners, advising companies to provide housing colonies and social facilities near project sites.

Call for proactive investment tracking

The CM underlined the importance of maintaining continuous communication with companies to expedite projects and remove roadblocks. “Tracking agreements regularly is essential for the speed of doing business,” he noted, urging ministers and officials to prioritize the completion of key projects like the ArcelorMittal Steel Factory and Moolapet Port within four years.

Reviving Andhra Pradesh’s investment competitiveness

Chandrababu Naidu criticized the previous administration for its failure to attract investments, citing a lack of incentives and “government terrorism” that drove industrialists away. He pointed out that under the Telugu Desam Party, 66% of incentives were disbursed, compared to only 34% under the YSR Congress.

“Policies must cater to the needs of industrialists and ensure public welfare to attract investments,” the CM said, adding that fostering a business-friendly environment would secure Andhra Pradesh’s position amidst fierce competition among states.

Participants in SIPB meeting

The meeting was attended by Deputy CM Pawan Kalyan, Chief Secretary Neerab Kumar Prasad, and ministers Atchannaidu, TG Bharat, Kandula Durgesh, and others, alongside officials and industry representatives.