AP emerges as major investment destination

AP emerges as major investment destination

Beating the political blues, Andhra Pradesh has emerged as one of the leading investment destinations in the country.

Andhra Pradesh stood third in the country after Gujarat and Maharashtra in attracting investments in a wide range of sectors.

During 2011, the state attracted investment to the tune of Rs 12.09 lakh crore. The investment during 2010 stood at Rs 8.66 lakh crore, the state Minister for Major Industries J Geetha Reddy said.

“We have moved from the fifth to third position in the country as per the latest survey conducted by the Associated Chamber of Commerce and Industry,” the minister said.

The power sector attracted nearly one-third of the investment while the manufacturing sector accounted for 21.7 per cent of the inflow, followed by the services and irrigation sectors at 19.8 and 11.6 per cent respectively.
“Our industrial policy is the best in the country. It offers the best package of incentives for industrialists. We have a pro-active administration and a very conducive atmosphere for investments,” Reddy said.

The agriculture sector attracted Rs 1.40 lakh crore while the industry and the services sectors garnered Rs 8.2 lakh crore and Rs 2.39 lakh crore respectively.

The recent success of the CII Partnership Summit here in January has also played a substantial role in boosting investment in the state. Several  MoUs were signed for projects involving investment of over Rs 6 lakh crore.

“AP would have topped the list of leading investment destinations in the country if the investment proposals signed in the Partnership Summit were included,” Reddy said.