Andhra CM woos investors with promise to reduce energy cost

Andhra Pradesh Chief Minister N. Chandrababu Naidu on Saturday invited investors to invest in the sunrise state, promising to bring down the energy cost and assuring them that he is only a call away to address any problem.

At the inaugural session of CII Partnership Summit, he told the investors that water, land and electricity will not be a problem while they will get all clearances for setting up an industry within 21 days.

Pitching Andhra Pradesh as a preferred investment destination, he said the state had potential with skilled labour, 1,000 km sea coast, and well developed infrastructure including ports and airports.

Recalling that he undertook first generation reforms in power sector when he was the Chief Minister of undivided Andhra Pradesh, Naidu said he had now launched second generation reforms to bring down the energy cost with generation of solar and wind energy.

"I am only a call away. If you have any problems in getting clearances, call me," he told the investors.

Over 2,500 delegates including 230 delegates from 60 countries and ministers from 14 countries are participating in the three-day Summit, being held in the truncated state for the third year in a row.

The Summit is expected to see signing of at least 281 MoUs, envisaging investments of over Rs 2.56 lakh crore with a potential to create employment for 4.25 lakh people.

The Chief Minister claimed that during the last three years, as many as 1946 MoUs were signed involving a commitment of Rs 13.54 lakh crore investments and 31 lakh jobs.

"Out of theme, 1,153 projects with committed investment of Rs 5.69 lakh crore and committed employment of 11.1 lakh have either gone to production or in advanced stage. This conversion rate of 59 percent is highest in the country," he said.

Naidu said the state had set a target of Rs 10 lakh crore investment and 20 lakh jobs in five years.

"Our goal is to become number one state in the country by 2029 in terms of per capita income and growth. As of now, ours is the only state in the country which has clocked double digit growth consistently for the last three years," he said.

Union Commerce and Industry Minister Suresh Prabhu lauded the progress achieved by Andhra Pradesh in the last three years despite facing the challenges of bifurcation and how the state had the potential to grow into an automobile hub, besides in jewellery, agro-industries sector and leather industries.

--IANS

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