Hyderabad, Feb 27 (PTI) Despite political uncertainty,Andhra Pradesh is attracting a "flood of investments", thestate government said today.
Investments that have materialised or are in the pipelineis to the tune of Rs 3,07,178 crore, a release from the ChiefMinister''s Office quoted N Kiran Kumar Reddy as saying in ameeting of the State Investment Promotion Board (SIPB) held onFebruary 23.
The meeting of the SIPB has cleared proposals to set upor expand 25 projects in 14 districts which would provideemployment to about 42,000 crore and secure a revenue of Rs878 crore to the government, the release said.
The investments show that the state is emerging as an''industrial hub'' in the manufacturing sector, it said.
Some of the major projects coming in the state are thejoint venture NTPC and BHEL near Tirupati, Bharat DynamicsLimited''s unit near Anantapur.
While the investments in the major, medium and smallscale industries between 2004 and January, 2011 are Rs 51,098crore, investments worth Rs 25,672 crore have been cleared onFebruary 23 alone, the release said.
The industrial policy 2010-15 of the state government isthe only of its kind in the country as it gives the bestsubsidies and infrastructure facilities, it said. (More) PTISJR VKV
The three aerospace projects to be set up at Hyderabad by Tata group with an investment of Rs 1,000 crore and thenuclear power plant equipment to be set up at Visakhapatnam byUS-based Brighton company with an investment of Rs 2,900 croreare some of the major projects that have been finalised inrecent times, the release said.
The worth of projects that are in the pipeline andexpected to come in the coming four years is Rs 50,000 crore.
Significantly, several PSUs are evincing keen interestin investing in the state, the release said, pointing out thatsix PSUs have submitted their proposals to set up units withinvestments to the tune of Rs 44,800 crore.
The Hindustan Petroleum Corporation has decided to expandthe refinery complex at Visakhapatnam at a cost of Rs 40,000crore, it said.
BHEL and BEL have jointly submitted project proposal toset up a ''PB Modules Unit'' with an investment of Rs 2,000crore in the Fab City in Hyderabad. The BDL has also decidedto set up two more units in the state.
PSUs Electronics Corporation of India Limited (ECIL) andHindustan Aeronautics Limited (HAL) are also setting upprojects in the state, the release said.
The Chief Minister is determined to take the state aheadof industrially advanced states like Gujarat, Maharashtra,Tamil Nadu and Karnataka and the industrial policy would helpachieve the goal, it said.
The policy would contribute to an industrial growth rateof 17 and lead to employment of five lakh people per year, itsaid, adding that it would help in addressing regional andsub-regional inequalities in the state, it said.
The industrial policy helps in developing industrialestates, industrial clusters, manufacturing investment regionsand providing quality infrastructure facilities, the releasesaid.
The policy would also facilitate reforming the singlewindow clearance system, promotion of ancillary industry andin utilising the subsidies given by the Centre, it added. PTISJR VKV