Andhra Pradesh has set an ambitious target to emerge as India’s fastest-growing investment destination, with Minister for IT and Industries Nara Lokesh saying the state is focused on “speed over ease” to attract global investors.
Speaking in an interview with Mint, Lokesh said Andhra Pradesh has already secured close to $120 billion in firm investment commitments over the past 17 months. “It has been an amazing journey. We have so far secured close to $120 billion worth of firm commitments in the last 17 months, which is unheard of in the Indian context. But I’m hungry. I want it to be a trillion dollars. I’ll sleep well the day we have a firm commitment of a trillion dollars’ worth of investments in Andhra Pradesh,” Lokesh said.
Lokesh explained that Andhra Pradesh’s competitive edge lies in the speed of doing business, rather than the traditional focus on regulatory simplification. “Historically, ease of doing business was about reducing red tape. But we realised that what matters to investors is how fast a state can execute projects,” he said, citing the $15-billion Google AI hub and data centre project as an example.
He said the upcoming Partnership Summit in Visakhapatnam on November 14–15 will see over 410 memorandums of understanding (MoUs) worth $100 billion being signed, with an employment potential of 700,000 jobs.
State competition and Karnataka spat
Commenting on growing competition among Indian states to attract investments, Lokesh said, “When states compete, India wins.” He added that while every state has its own strategy, some focusing on incentives, others on ecosystem, Andhra Pradesh’s focus is on execution speed.
Addressing his recent verbal spat with Karnataka ministers over investment rivalry, Lokesh said, “Use of a certain language triggered it. What my neighbouring state has done is piss us off with words. There is no need to use those words. We’ve been very dignified in our approach and will continue to be. Politically, we’ll take potshots but will not hit below the belt.”
Incentives and jobs push
Lokesh dismissed claims that unsustainable incentives drove Andhra Pradesh’s growth. “All states offer incentives; the debate is only over how much. What sets us apart is our honesty and speed in delivering results,” he said.
He also highlighted the government’s focus on employment, reiterating the promise of creating two million jobs. “We are not just bringing investments but also matching supply and demand for skill sets. We see jobs and investments as a way to overcome financial stress post-bifurcation. We are his [Chief Minister Chandrababu Naidu’s] missiles, and he is the GPS ensuring we achieve our objectives,” Lokesh said.
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