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Andhra Pradesh CM meets RBI Governor, industrialists

By Our Special Correspondent

MUMBAI, JUNE 18. The Andhra Pradesh Chief Minister, Y. S. Rajasekhara Reddy, today met the Reserve Bank of India Governor, Y. V. Reddy, and the National Bank for Agriculture and Rural Development (NABARD) Chairperson, Ranjana Kumar, and discussed rescheduling of loans and availing of more funds for agriculture in the State.

"We have also taken this opportunity to meet industrialists personally to tell them that the Andhra Pradesh Government is a proactive government which would create a favourable industrial climate in the State. We will give all infrastructure support to create more employment in the State," said Mr. Rajasekhara Reddy here today after meeting leading industrialists.

He met Mukesh Ambani, Chairman, Reliance Industries, Ashok Hinduja, Chairman, Hinduja group, Ajay Piramal, Chairman, Nicholas Piramal, Deepak Parekh, Chairman, HDFC and IDFC, K. Krishna Kumar of the Tata group, Chairmen of LIC and GIC, and top officials of HSBC and HPCL.

"We continue to focus on information technology, business outsourcing and biotechnology," said Mr. Rajasekhara Reddy, adding "We are a reform friendly government and reforms will be seen with a human face". Andhra Pradesh is the capital of pharmaceutical industry and biotechnology will get a lot of attention in his State.

Further he said that the State would focus on value addition in agricultural products. The Chief Minister met a delegation of fabric manufacturers and assured them logistics support for manufacturing of fabrics in Hyderabad. "We would replicate the concessions offered by Maharashtra and Gujarat for the promotion of industries". He said his Government met the diamond manufacturers too as the State was having lot of export potential.

Mr. Rajasekhara Reddy said Reliance and Hindujas were interested in generating power and the Tatas were interested in telecom services. However, he said the industry should see consumers get power at affordable rates.

Answering to a question on the previous government's ambitious project on Formula One, he said, "We feel that Formula One should be viewed as a national project and we will approach the Central Government to finance it."

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