The Andhra Pradesh State Investment Promotion Board (SIPB), in its fifth meeting chaired by Chief Minister N Chandrababu Naidu, approved investment proposals worth Rs 311.67 billion. These proposals, coming from 17 different companies, are expected to create approximately 32,633 job opportunities across the state.

The approved investments span a range of key sectors including food processing, information technology, energy, and others. The SIPB meeting aimed at not only attracting large-scale investments but also ensuring their effective implementation at the grassroots level.

During the meeting, the Chief Minister emphasized the importance of tracking the actual progress of investments. He instructed officials to present a detailed report in the next SIPB meeting outlining the extent of materialised investments and the number of jobs generated so far.

In a move aimed at further boosting the IT sector, State IT Minister Nara Lokesh suggested offering land to IT companies at nominal rates. The proposal was accepted by the Chief Minister, who then directed officials to update the existing IT policy to facilitate this incentive.

The approvals are expected to enhance industrial growth in the state, boost employment, and strengthen Andhra Pradesh’s position as a preferred investment destination.

News source: The Print

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