The Andhra Pradesh government today decided to constitute an Economic Development Board (EDP) to promote investments and boost economic growth.
A decision to this effect was taken at a meeting of the state cabinet chaired by Chief Minister N Chandrababu Naidu.
Describing the initiative as a first-of-its-kind in the country, state Information Minister Palle Raghunatha Reddy told reporters that the Board aims at attracting about Rs 2 lakh crore investment into the state in the next five years.
Similar boards exist in countries like Japan and China, he said.
The Board aims at promoting growth rate by 10-12 per cent every year.
"The Board hopes to raise the state's economy from the present USD 80 billion investments to two trillion USD in the next 30 years," Reddy said.
The Board, to be headed by the Chief Minister, would have state ministers, Chief Secretary and noted economists as its members.
There will be a secretariat attached to the Board and it would be based in the state headquarters.
The state cabinet approved a civil aviation policy that aims increasing the share of air passengers from AP (1.7 millions) to 25 millions by 2022.
The airports at Vishakhapatnam, Vijayawada and Tirupati would be made international airports.
