Andhra Pradesh secures investment commitments worth Rs 9.89 lakh crore
Chief Minister N Chandrababu Naidu announced 303 new investment proposals during the CII Partnership Summit in Visakhapatnam.
Andhra Pradesh has secured investment commitments worth Rs 9.89 lakh crore through 303 investment proposals at the 31st CII Partnership Summit in Visakhapatnam, according to BusinessLine.
Chief Minister N Chandrababu Naidu announced the figures during the valedictory session on Friday. He stated that these new commitments bring the total investment secured by the state over the last two-and-a-half years to Rs 32.49 lakh crore.
The investments cover sectors such as manufacturing, food processing, education, healthcare, aviation, and automobiles. Naidu noted that Kia intends to invest Rs 18,800 crore to manufacture an additional 2 lakh cars annually, while Reliance has signed agreements proposing investments worth Rs 2.43 lakh crore.
Regarding implementation, Naidu said that of the 714 investment proposals received since June 2024, involving Rs 22.6 lakh crore, 526 projects worth Rs 17.1 lakh crore have moved towards implementation. This represents a 74 per cent conversion rate.
The Chief Minister added that projects worth Rs 7.3 lakh crore have been grounded with work currently underway. He mentioned that the state government has abolished the NALA Act and is implementing a "Speed of Doing Business" policy, with approvals being granted within five days through 13 licences.