Chief Minister N. Chandrababu Naidu chairing the Cabinet meeting, at the Secretariat in Amaravati on Wednesday.
In a significant move to boost industrial and economic growth in Andhra Pradesh, Chief Minister N. Chandrababu Naidu unveiled six transformative policies on October 16 (Wednesday).
The policies were earlier approved by the State Cabinet, at a meeting conducted at the Secretariat.
The six policies were as follows: A.P. Industrial Development Policy 4.0 (IDP 4.0); A.P. MSME & Entrepreneur Development Policy 4.0 (MEDP 4.0); A.P. Food Processing Policy 4.0 (FPP 4.0); A.P. Electronics Policy 4.0 (EP 4.0); A.P. Private Parks Policy 4.0 (PPP 4.0); and A.P. Integrated Clean Energy Policy 4.0 (ICE 4.0).
These policies were designed to revitalise key sectors and attract large-scale investments, and formulated for the period 2024-2029.
The new policies aim at mobilising ₹30 lakh crore investments across the manufacturing sector, with an ambitious employment target of five-lakh new jobs over the next five years. One industrial park would be set up in each of the 175 Assembly constituencies.
The Chief Minister emphasised that these policies were aligned with the election manifesto promises, particularly in fostering economic growth, increasing exports, and creating job opportunities.
Special incentives
The A.P. Industrial Development Policy 4.0 focuses on making Andhra Pradesh a global manufacturing hub, with ₹83,000 crore targeted in Foreign Direct Investment (FDI) and specific incentives for companies generating higher employment and reducing their carbon footprint.
Under the A.P. MSME & Entrepreneur Development Policy 4.0, the State seeks to encourage setting up of 22 lakh MSME units and attract ₹50,000 crore investments. This will be achieved through the Ratan Tata Innovation Hub proposed in Amaravati.
This initiative will act as a central pillar for mentoring, innovation, and collaboration with the universities, propelling MSMEs into the global value chain.
In addition to Amaravati, the government will establish the Ratan Tata Innovation centres in Visakhapatnam, Rajahmundry, Vijayawada or Guntur, Tirupati and Anantapur.
Food processing
The A.P. Food Processing Policy 4.0 is set to attract ₹30,000 crore investments and create three-lakh jobs, while promoting value addition and organic farming practices. This policy includes establishment of commodity boards and specific product clusters.
The A.P. Electronics Policy 4.0 targets to mobilise ₹84,000 crore investments and create five-lakh jobs. The focus on advanced sectors such as IoT devices, 5G communication equipment, and semiconductors will position Andhra Pradesh as a leader in electronics manufacturing.
The A.P. Private Parks Policy 4.0 introduces flexible models for private participation in park development, incentivising large and mega parks with capital subsidies and exemptions on various charges. These parks are expected to drive sector-specific growth in areas such as biotechnology, aerospace, electric vehicles, and more.
Clean energy
The A.P. Integrated Clean Energy Policy 4.0 sets an ambitious agenda for transitioning to renewable energy.
With plans to develop 78.5 GW of solar and 35 GW of wind energy capacity, along with 25 GWh of battery storage, the State aims to become a clean energy powerhouse.
This policy will not only contribute to India’s net-zero target but also foster a circular economy, create 7.5 lakh jobs, and attract investments worth ₹10 lakh crore.
Together, these policies mark a new chapter for Andhra Pradesh, positioning it as an industrial leader, while addressing sustainability, technological advancement, and inclusive growth.
Published – October 16, 2024 09:51 pm IST
