Andhra Pradesh secures Rs 9.89 lakh crore investment proposals at CII summit
Chief Minister N. Chandrababu Naidu announced the state will enact an Investments Protection Act with retrospective effect from 2024.
Andhra Pradesh has 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 reports by Deccan Herald and The Hindu.
Chief Minister N. Chandrababu Naidu said the state will implement an Investments Protection Act with retrospective effect from 2024 to reassure investors during changes in government. He added that the government will provide real-time industrial clearances through self-certification and plans to pass the law in the upcoming Legislative Assembly session.
The investments are expected to generate approximately 3,48,309 jobs across various sectors. Of the total, 109 MoUs worth Rs 9,02,434 crore were signed at the summit, while 194 MoUs worth Rs 86,522 crore were signed during regional conferences held between October 7 and 26.
Vizianagaram MP Kalisetti Appalanaidu stated the summit's outcome followed 11 roadshows across five countries. He noted that the P4 (Public-Private-People Partnership) model encouraged corporate participation in poverty alleviation, including assistance from Hero MotoCorp and ITC Limited.
The cumulative investment intent received by the state since June 2024 has reached Rs 32.49 lakh crore. Naidu noted that the government is also focusing on the space sector and making the agriculture sector resilient to increase the Gross State Domestic Product.