Andhra Pradesh attracts investment proposals worth Rs 9.89 lakh crore
The 31st CII Partnership Summit in Visakhapatnam secured 303 MoUs with significant job creation potential.
Andhra Pradesh attracted investment proposals worth Rs 9,88,957 crore through 303 Memoranda of Understanding (MoUs) during the 31st CII Partnership Summit held in Visakhapatnam on November 12 and 13, according to the Deccan Herald.
Chief Minister N Chandrababu Naidu said these investments have the potential to generate 3,48,309 jobs across various sectors. The commitments include 109 MoUs worth Rs 9,02,434 crore signed at the summit, which could create an estimated 2,00,358 jobs.
The state's cumulative investment intent since June 2024 has increased to Rs 32.49 lakh crore, as reported by the Deccan Herald. Business Standard noted this cumulative figure as Rs 32.3 trillion.
During the second day of the meet, State Minister for Education, IT and Electronics Nara Lokesh signed deals with 24 companies involving Rs 1.05 trillion in investment. These deals, which could create around 75,055 jobs, include a Rs 31,387 crore AI data centre project by AM AI Factory Ltd and a Rs 37,000 crore hyperscale data centre by Panchshil Realty.
Chief Minister Naidu stated that the government will provide real-time clearances for industries using self-certification. He also said an Investments Protection Act will be enacted with retrospective effect from 2024 to address investor concerns during changes in government.