Amaravathi: After the State’s International Diplomatic Outreach Programme, the Andhra Pradesh Government is planning to introduce fresh industrial policy to the state where companies are attracted by transparency, engagement and sincerity rather than rewards.
The state minister for Industries and IT, Mekapati Goutham Reddy, said the state government is planning to raise economic incentives as quickly as it acts as a burden on the heavy deficit state of income.
“We’re not going to offer industrial incentives like the past government. In the last five years, the prior government has committed to incentives worth Rs 2,500 Crore. But the past government has not honored it. We’re prepared to pay them out in the near future. We’re also planning to introduce New Industrial Policy from December 2019.
The state of Andhra Pradesh organized an global diplomatic outreach program to attract foreign investment in diplomatic debates on August 9, 2019. The event was attended by delegates and envoys from 35 countries. There was also a one-on – one interaction with each delegate at CM Jagan Mohan Reddy.
After receiving input from diplomats and trade officials, the state government has chosen to put in a fresh industrial policy that guarantees transparency and engagement rather than providing industry incentives.
In the upcoming fresh industrial policy, as promised during elections, the chief minister also intends to include 75 percent quota for local youth in industrial employment.
Meanwhile, the opposition continues to criticize the state government. The Telugu Desam Party targets the state government over the policy alleging that due to the new policy, the sectors are going back.