CII Andhra Pradesh welcomes new industrial policy
- Planned development needed, says Chittur
- Incentives offered by govt. are attractive
HYDERABAD: CII Andhra Pradesh welcomed the much awaited Industrial Policy of Government of Andhra Pradesh, which was announced yesterday by the Chief Minister N Chandra Babu Naidu.
The initiatives like 100 % reimbursement of stamp duty; power cost reimbursement @ Rs.1 per unit to industrial units for a period of five years from the date of commencement of commercial production; 50% of net VAT/CST/SGST reimbursement max up to 7 years; introduction of single window clearances to the industrial units; besides others initiatives will be very useful for industrial growth in the new state of Andhra Pradesh.
Suresh Chitturi, Chairman, CII Andhra Pradesh mentioned that with the announcement of the Industrial Policy of Andhra Pradesh is all set for accelerated industrial growth. “CII and Government of Andhra Pradesh are aggressively working on industrial promotion through a series of domestic and international road shows and the announcement of the policy will certainly add more value to these road shows. CII will be eager to work with the State Government to meet the 2020 policy targets of increasing the contribution of manufacturing sector to GSDP to 15%; increase the contribution of industries to GSDP; attract investment to the tune of two lakh crores; and create employment opportunities to the additional 10 lakh people ”, he said.
Chitturi also opined that the planned industrial development is the need of the hour and Government of Andhra Pradesh is rightly following cluster based approach and also by involving the private sector in the development process. The infrastructure initiatives through – Industrial Area Development Authority, Industrial Corridors, NIMZ at Chittoor and Prakasam, Information Technology Investment Regions (ITIR) at Vizag and Chittoor, Smart Industrial Township, SEZ’s and Industrial Parks are most welcome”. (NSS)