Andhra Pradesh SIPB Approves Rs 1.21 Lakh Crore in Investment Proposals
In a significant move for Andhra Pradesh’s economic growth, the State Investment Promotion Board (SIPB) approved investment proposals worth a staggering Rs 1.21 lakh crore on Thursday. The SIPB meeting, chaired by Chief Minister N. Chandrababu Naidu, saw the approval of projects across various sectors including industries, power, and tourism. These investments are expected to generate approximately 80,104 employment opportunities, bolstering the state’s job market.
This meeting marks the fourth such session of the SIPB since the TDP-led NDA government took office in June of the previous year. With the latest approvals, the total value of the projects sanctioned by the SIPB has now reached Rs 4.32 lakh crore, with the promise of creating a total of 3,92,680 jobs.
Addressing the meeting, Chief Minister Naidu emphasized the importance of swift implementation. He urged the officials to take immediate steps to ensure that industries which have signed investment agreements with the state begin their operations without delay. “It is crucial that we closely monitor the progress of these projects and ensure that they are grounded as per the agreements made,” Naidu stated.
Further, the Chief Minister stressed the need for a system to track the progress of the approved projects. He proposed setting up a project tracker that will allow for continuous monitoring, ensuring that each initiative stays on track.
In addition to the large-scale industrial investments, Naidu also reviewed the progress of smaller-scale initiatives approved in previous SIPB meetings. Notably, he directed the establishment of 175 Micro, Small, and Medium Enterprise (MSME) parks across the state, with one park planned for each Assembly constituency. The first phase of this initiative will see the setting up of 26 MSME parks, one in each district.
Naidu also set an ambitious target for the creation of five Ratan Tata Innovation Centres within the next month. These centers will focus on promoting innovation and entrepreneurship in the state, further solidifying Andhra Pradesh’s position as a hub for business and industry.
As part of his review, the Chief Minister instructed officials to maintain close contact with companies to ensure that investments are made promptly. He also called for expedited approvals for companies that have already entered into agreements with the state.
In closing, Naidu emphasized the importance of teamwork between ministers and officials in ensuring that these ambitious goals are met. “The progress and success of these projects depend on our collective efforts,” he said. With a firm commitment to creating a business-friendly environment, Andhra Pradesh is set to make significant strides toward economic development and job creation in the coming months.
