Associated Chambers of Commerce and Industry of India has released a vision paper on Andhra Pradesh, the fifth largest economy in India, which says it expects the Southern state will attract investments of around Rs10 lakh crore over next five years.
The figure was derived based on the investment friendly climate and the potential that the state offers, said the Assocham southern development council chairman, Murali Venkataraman.
The state has already attracted Rs1.06 lakh crore of investments in the first six months of the current year from leading global and domestic companies, he said.
He said the sectors such as biotechnology, nano technology, robotics and automation were expected to draw investments of up to Rs50,000 crore in the next two to three years.
With the signing of the nuclear civil agreement with US, Andhra Pradesh will be one of the leading states in which nuclear reactor plants will come up because the state has the second largest deposits of uranium and other minerals.
Assocham expects AP to attract around Rs50,000 crore of investments in nuclear sector over the next five years.
The chambers, which expects the Krishna-Godavari basin to attract Rs50,000 crore of additional investments, has advised the State government to actively collaborate with the Union Petroleum and Natural Gas Ministry and offer tax holiday schemes and waiver of other local levies to attract the investments into the sector.