Andhra Pradesh Cabinet approves new industrial, MSME, and food processing policies

Andhra Pradesh Chief Minister N Chandrababu Naidu (PTI photo)

The Andhra Pradesh Cabinet, chaired by Chief Minister Chandrababu Naidu, approved new industrial, food processing, and MSME policies on October 16.

To encourage investors to partner with Andhra Pradesh for investments, the Cabinet has approved six critical policies, namely, the 'AP Industrial Development Policy 4.0', 'AP MSME & Entrepreneur Development Policy 4.0', 'AP Food Processing Policy 4.0', 'AP Electronics Policy 4.0', 'AP Private Parks Policy 4.0', 'AP Integrated Clean Energy Policy 4.0'.

All the policies are designed to be forward-looking, aiming to boost industrial growth by focusing on job creation, fostering entrepreneurship, addressing climate change, and ultimately generating wealth for the state, the Andhra Pradesh government said.

The new industrial policy, which will be implemented over the next five years, has been touted to be the most attractive industrial policy in India with special incentives for investors. It is expected to attract investments worth Rs 30 lakh crore in the manufacturing sector, while also generating five lakh jobs in the same sector. The policy is further expected to attract FDI worth $10 billion and double exports.

The Andhra Cabinet also approved the establishment of the Ratan Tata Innovation Hub with headquarters at Amravati to bolster entrepreneurship and commemorate the legacy of the former Tata Group chief. The framework for the same was also announced at today's meeting; it will have five zonal centres covering all regions of the state.

The hub is expected to foster innovation and an entrepreneurial ecosystem, with focus on mentoring, venture capital tie ups, financial support, knowledge transmission, legal aid, and integration with universities led by leading industry groups.

Notably, the Cabinet meeting of the Andhra Pradesh government was set to be held on October 10, but was pushed back after Ratan Tata passed away.