The Hindu : Andhra Pradesh News : Industries to get major boost

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Friday, Dec 14, 2007
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Andhra Pradesh

Andhra Pradesh

Industries to get major boost

Staff Reporter

MoU to fuel flow of investment into State

Kakinada: The MoU signed by the State Government with International Finance Corporation will further consolidate the State’s position in industrial development. Andhra Pradesh was ranked 21st before the Congress party came to power and it now holds the third slot. Huge investments are in the offing and the MoU signed with the International Finance Corporation will further consolidate its position on the industrial front. Projects costing Rs.3 lakh crore are in various stages of execution and out of 143 Special Economic Zones (SEZ) that were approved in 2006-07, 70 will be coming up in Andhra Pradesh alone, according to the Minister for Khadi and Small Industries Gollapalli Surya Rao.

SEZs

Speaking to the media at Tallarevu in the district, Rao said that the proposed SEZ would be providing employment to 1.47 lakh people. Various steps like exempting land purchases from stamp duty and a five-year moratorium on Value Added Tax for the new industries were taken to attract more investments into the State. Further, focus was laid on the provision of infrastructure facilities and improving roads and developing sea and airports which were crucial for industrial development. Subsidy given to the small and medium industries amounted to Rs. 100 crore every year. All these steps would transform the State into the best place to business, the Minister asserted and added that entrepreneurs are being encouraged to set up industries at the mandal level through the cluster approach by providing the required facilities .

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