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Andhra Pradesh's State Investment Promotion Board (SIPB) has approved 19 new projects worth over INR 33,000 crore across energy, IT, electronics, tourism, and textiles, expected to create 34,000 jobs. Chief Minister Chandrababu Naidu emphasized real-time tracking of project progress and proposed boosting tourism with 50,000 new hotel rooms and caravan tourism policies. He also pushed for sustainable industries that convert agri-waste into inputs. Major investments include Bondada Engineering (INR 9,000 crore) and Wingtech Mobile in Tirupati, which alone could generate 10,000 jobs. Over the past 11 months, SIPB has cleared INR 5 lakh crore in investments, reflecting the state's renewed focus on sustainable, inclusive industrial growth.
In a move aimed at bolstering industrial growth and employment in Andhra Pradesh, the State Investment Promotion Board (SIPB) recently approved 19 investment proposals, amounting to over INR 33,000 crore. These projects span crucial sectors such as energy, IT, electronics, tourism, and textiles and are projected to create over 34,000 jobs across the state, according to a government release. Advertisement
Chief Minister Shri Chandrababu Naidu, in an official statement, urged officials to monitor the progress of approved projects through a real-time dashboard system that would provide updates on investments, project milestones, and employment generation. He further stressed the need to develop tourism infrastructure, proposing the addition of 50,000 hotel rooms and affordable accommodations near 21 high-footfall temples. Additionally, new caravan tourism policies are being planned to enhance visitor experience.
The Chief Minister also highlighted the importance of promoting circular economy practices, encouraging the establishment of smaller plants that would convert agricultural waste into industrial inputs. He urged stakeholders to invest in sustainable industries utilising agri-waste materials.
Key investments include INR 9,000 crore by Bondada Engineering, INR 3,941 crore by Ampplus Energy, and INR 2,475 crore by Daikin India. Additionally, Wingtech Mobile's project in Tirupati, involving an investment of over INR 1,000 crore, is expected to generate more than 10,000 jobs.
In the past 11 months, SIPB has approved investments exceeding INR 5 lakh crore through 76 projects, with an estimated potential of over 4 lakh direct and indirect employment opportunities across Andhra Pradesh. Naidu expressed optimism that the state's proactive efforts to regain the confidence of industrialists would yield long-term economic benefits.
By integrating real-time monitoring systems and prioritising tourism infrastructure, the state aims to create a conducive environment for sustainable industrial development. Additionally, the emphasis on circular economy practices and eco-friendly industries not only aligns with global sustainability goals but also opens up new avenues for economic diversification. The state's concerted efforts to regain investor confidence appear to be paying off, as evidenced by the significant investments committed over the past year.
Source - PTI
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