Tirupati, Aug 8 (UNI) Andhra Pradesh Chief Minister Y S Rajashekhara Reddy today said unemployment crisis in the state will be solved through establishing of Special Economic Zones alone.
After laying foundation for Sri City, a multi-product Special Economic Zone, Mr Reddy said farmers, whose lands were taken for the SEZ, were being provided comfortable compensation besides providing employment by giving specialised training to them in SEZ.
The Chief Minister said that about 300 industrial units are eventually expected to operate in Sri City with an estimated investment of Rs 17,500 crore, generating employment opportunities for approximately 1.75 lakh people.
Some of the companies that have already signed up with Sri City, includes Venture (SA), VRV (Italy), Eura Abrastone (Spain), BFG International (Bahrain) and Intimate Apparels (Indonesia).
Sri City , which spreads over more than 5,000 acres of land on Tamil Nadu-Andhra Pradesh border in Satyavedu Mandal of Chittoor district, is the first SEZ to ensure that all the people residing in the neighboring areas will be provided employment either by Sri city or by the companies setting up facilities here and a specialised training and placement cell was already in place to aid this process.
Additionally, special incentives are given to companies that employ large number of locals, with a preference to women, Dr Reddy said.
These SEZs were developing with the Public-Private Partnership (PPP) and out of 91 approved by the Central government to the state, more than 50 per cent SEZs have been notified, which is the highest number for any state in the country, the Chief Minister added.
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