Vijayawada: The Andhra Pradesh government on Monday announced its new Industrial Development Policy 2020-23 focusing on sustainable development with special attention to MSMEs, women and growth across all regions in the state.
Minister for Industries Mekapati Goutham Reddy unveiled the new industrial policy in Vijayawada in the presence of bigwigs from the industry, academia and trade associations. The minister said that the new industrial development policy will be focusing on balancing growth across regions and on reducing the cost of doing business and helping MSMEs improve their capabilities to survive in the competitive world.
Andhra Pradesh has 70.9 per cent (as of 2018) of its total population in the working age and the state stands second in the country in this aspect, he added. Stating that utilising the workforce was their top priority, the minister said promoting skill development and entrepreneurship was also on their list. As many as 30 skill development colleges will be arranged to help youth achieve their aspirations and live a better life, he said, adding that they will be the base for growth in the state.
The policy will promote value addition and cutting-edge industries in 10 sectors including toys and furniture, footwear and leather, machinery and precision equipment, aerospace and defence, apart from pharma, textiles, automobile, electronics and petrochemicals.
Special efforts will be put in empowering women entrepreneurs of the backward communities and providing ready-built facilities to the budding industrialists, he said.
The policy also envisages implementing industrial zoning to ensure planned industrial development and to provide a risk-free investment-friendly environment for setting up and operating industries, with minimum impact on the environment. The land allotment on lease-cum-buy-out model has been given approval in the policy.
A multi-faceted business enable centre, YSR AP One, will be set up to assist investors throughout their groundwork.
YSR AP One will provide services such as investor facilitation, market research, marketing and branding, sales support, incentive management and special category cell.
De-risking the investments with an end-to-end support for the investors will be the highlight of the policy, which also outlined interventions to support units by end -to-end hand-holding.