Andhra Pradesh attracts ₹22 lakh crore investment since June 2024: V-P

Vice-President C.P. Radhakrishnan on Friday said Andhra Pradesh had attracted investments worth ₹22 lakh crore since June 2024, as he lauded the State’s rapid growth at the valedictory session of the 31st CII Partnership Summit.

He said the State was making strides towards the goals of ‘Swarna Andhra’ and ‘Viksit Bharat’. Citing the summit theme, ‘Navigating the New World Order’, he called for collaboration among governments, industry and other stakeholders under the principle of ‘work together, grow together, share prosperity’. He stressed strengthening domestic manufacturing, MSMEs and digital public infrastructure to boost India’s global competitiveness.

Chief Minister N. Chandrababu Naidu announced commitments including ₹2.43 lakh crore from Reliance and ₹18,800 crore from Kia, which will make two lakh additional cars annually. He said the focus had shifted from ‘Ease of Doing Business’ to ‘Speed of Doing Business’, with the NALA Act abolished and clearances available through 13 licences within five days. An escrow account has been set up for timely release of industrial incentives, and an Investment Protection Act is planned.

Mr. Naidu also unveiled the ‘One Family, One AI’ initiative and set a target of 160 GW of renewable energy capacity.

Governor S. Abdul Nazeer said Centre-State cooperation had speeded up projects such as Bhogapuram International Airport, the South Coast Railway Zone, the ₹11,440-crore Visakhapatnam Steel Plant revival and the Polavaram project, now over 90% complete. He said the summit’s success should be measured by jobs created and skills imparted to youth.

Of 714 investment proposals received since 2024, 522 are under implementation.

Union Minister Pralhad Joshi, State Ministers, and CII office-bearers R. Mukundan, Suchitra K. Ella, and Chandrajit Banerjee attended.