CII, Ficci welcome new industrial policy

The state wings of the All-India trade bodies, Federation of Indian Chambers of Commerce and Industry(Ficci) and Confederation of India Industries welcomed the Andhra Pradesh government's new industrial and investment promotion policy.

C Parthasarathy, president of Ficci, said that the policy has clearly spelt out the roadmap for increasing the competitiveness of the industry in Andhra Pradesh.

He also congratulated the government for announcing policy initiatives related to environment and cleaner technology promotion.

Ramesh Datla, chairman of CII, Andhra Pradesh, said that the new initiatives would boost industrialisation in the state.

Measures such as total reimbursement of stamp duty and transfer duty, ploughing back of 25 per cent of the tax paid during the fiscal year as grant and power subsidy are truly commendable, he said in a statement.