Andhra Pradesh has the potential to attract investments worth Rs 10 lakh crore by 2012 and create direct or indirect employment for about 300,000 people, according to the Associated Chambers of Commerce and Industry of India (Assocham) chairman Murali Venkataraman.
Releasing a paper on Andhra Pradesh here on Thursday, he said biotechnology, nano technology, robotics and automation, electronics, garments, textiles, food processing and tourism will be the preferred sectors.
The estimates are based on the current investment trends. Assocham will undertake a study in about three months to know the strengths and weaknesses of the industries in the state.
However, it did not quantify the investment opportunities. The paper said Andhra Pradesh had absorbed investments to the extent of Rs 5,000 crore including Rs 1,000 crore foreign direct investment in the last six years.
The same report said investments in the order of Rs 1.06 lakh crore had been announced in just six months from January to June this year.
Assocham did not substantiate the huge difference and said Rs 5,000 crore investments in six years could be a typographical error. The paper also did not specify the actual investments made during this period.
Assocham general secretary DS Rawat, however, said the difference in figures would not alter the predictions.
The report indicated Lufthansa and GMR as partners, who would invest Rs 150 crore for setting up a maintenance and repair overhaul centre.
That Lufthansa had withdrawn from the proposed project was overlooked. It also did not mention about the land that would be required if Rs 10 lakh crore investments happen in the state in the next five years.
