Hyderabad, August 25: Andhra Pradesh will soon come out with a new Industrial Investment Promotion Policy, a press note issued by the chief minister’s office said today.
The existing policy formulated in 2005 will come to an end by March next year. The new policy is expected to further boost the investment in the state.
Chief Minister Y S Rajasekhara Reddy who chaired the State Investment Promotion Board meeting here today said 245 mega industries with an investment of Rs 2.47 lakh crore were in pipeline and could generate 1,45,694 jobs.
The state which attracted investment of Rs 7,250 crore during the Chandrababu Naidu regime saw the investment figure shoot up to Rs 27,393 crore between 2004-09, the Chief Minister’s Office said in a press release.
As many as 14,911 units were established in the state in the last five years, creating a job potential of 3,38,587, the CMO release added.
Andhra Pradesh has now been ranked number one in paper, cement, textiles and iron and steel manufacturing sectors in the country. .
—Agencies