Amaravati (Andhra Pradesh) [India], January 30 : The 3rd meeting of the State Investment Promotion Board (SIPB) under the chairmanship of Andhra Pradesh Chief Minister Chandrababu Naidu was held on Thursday.
As per a statement from the CMO, the Board gave approval for investments worth Rs 44,776 crore for 15 projects. With this, the total value of investments approved by SIPB has surpassed Rs 3 lakh crore.
These investments are expected to create nearly 20,000 jobs across the state.
The Board also reviewed the status of projects approved in the previous two meetings.
The CM directed that continuous discussions with industry leaders should ensure speedy grounding of projects. Besides, CM emphasized that officials and ministers must track investments efficiently to deliver quick results.
In today's highly competitive environment, the "Speed of Doing Business" should be implemented effectively, CM instructed officials. Also, the CM advised the Chief Secretary to review state-level approvals and field-level operations with district collectors.
The response from major companies, national, and international industrialists regarding investments has been satisfactory, the CM noted. Naidu was in Davos for World Economic Forum recently.
CM Chandrababu Naidu stressed that every opportunity should be utilized to attract investments into the state.
The coalition government's efforts towards attracting investments in the state have yielded positive results. Industrialists from various sectors are showing interest in investing in the state.
Along with these, CMO said projects by companies like ArcelorMittal, NTPC, HPCL, and BPCL have already received clearance.
"Projects like ArcelorMittal Steel (with an investment of Rs. 1.36 lakh crore) and BPCL (with an investment of Rs. 96,000 crore) are set to break ground within the next three months. The CM instructed officials to complete all necessary permissions and get these projects on the ground as soon as possible," CMO said in a statement.
In the past 7 months, the state government's policies and support have been effectively attracting investments.
In the first SIPB meeting, investments worth Rs. 83,987 crore were approved, and in the second SIPB meeting, investments of Rs. 1,82,162 crore were approved.
The CM instructed officials to track investments closely to ensure that projects are implemented quickly. He directed that the progress of every project with an investment of over Rs. 10 crore must be tracked.
The CM also highlighted the satisfactory response from major companies and national and international industrialists interested in investing in the state. He urged officials to engage with companies like DP World from Dubai and AP Muller Marks from Denmark, who showed interest in investing in the state during the Davos visit, to coordinate and finalize investments. He emphasised using every opportunity to secure investments for the state, including focusing on the tourism sector to achieve 20 per cent growth in this area.