The Andhra Pradesh summit has exceeded expectations of the earlier estimated Rs7 trillion of investments, which CM Naidu described as having done 'big business'
Visakhapatnam: Andhra Pradesh chief minister N.Chandrababu Naidu on Saturday announced that the two-day AP-CII Partnership Summit saw the signing of 665 memorandums of understanding (MoUs) worth Rs10.54 trillion, and with the potential to provide employment to 22.34 lakh people.
The summit has exceeded expectations of the earlier estimated Rs7 trillion of investments, which Naidu described as having done “big business".
Some of the big ticket investments include 14 MoUs by AP Infrastructure and Township Development Corporation amounting to Rs40,660 crore, 62 MoUs by AP Capital Region & Development Authority valued at Rs1,24,532 crore, 66 MoUs by Economic Development Board worth Rs3,62,662 crore.
Energy and industry sectors received over Rs2 trillion investments each with roads and buildings raking in Rs73,970 crore investments. The food processing industry saw as many as 177 MoUs being signed. “Compared to last year, this year the response has been excellent," said Naidu, adding, “this is more than double of how much we received last time. Next time I am sure things will be better than this."
The CM assured clearances of files within 14 days for many sectors. He added that the state had a land pool of 35,000 acres, giving ample room for setting up of new facilities.
The second day of the summit saw a total of 537 MoUs worth Rs6.29 trillion being signed. On day one, 128 MoUs amounting to Rs4.25 trillion had been signed. In the last edition of the summit, the government had anticipated Rs2 trillion of investments but got 328 proposals worth Rs4.67 trillion.
Naidu on Friday said that the state had received 935 proposals last year amounting to Rs5.03 trillion investments. Of this, 659 projects amounting to Rs2.82 trillion were already cleared, giving the state a high conversion rate. He also stressed on the happiness index of the state along with industrial and economic development.
The two-day summit saw a host of Union ministers and leading industry captains from India and across the globe. Over 2,000 delegates attended the conference and of this 400 were from international delegations.
The central government doled out lakhs of crores in investments across road, port and rail infrastructure. Other big ticket public sector investments included almost Rs1.43 trillion investments into oil & gas from the petroleum ministry, Naidu said.
He said that the state aspires to grow in double digits for the next five years at least to ensure it can overcome the disadvantage of 2014 bifurcation from a unified AP. The state grew 12.23% in the first half of the current fiscal, compared to the national average of 7.2%.