Andhra Pradesh: SIPB Approves 15 Projects Worth Rs 44,776 Crore
The State Investment Promotion Board (SIPB) of Andhra Pradesh approved 15 new projects worth Rs 44,776 crore in its third meeting on Thursday.
Vijayawada: The State Investment Promotion Board (SIPB) of Andhra Pradesh approved 15 new projects worth Rs 44,776 crore in its third meeting on Thursday.
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The approved projects focus primarily on the renewable energy and food processing sectors, bringing the total investment cleared by the SIPB to over Rs 3 lakh crore.
Key Projects Approved and Investment Breakdown
Chief Minister N. Chandrababu Naidu, who chaired the SIPB meeting held at the State Secretariat, instructed officials to expedite the clearance process and ensure these projects are grounded at the earliest. Significant projects that have already received approvals include:
- ArcelorMittal, which plans to set up units with an investment of Rs 1.36 lakh crore
- NTPC, HPCL, and BPCL, which will collectively invest Rs 96,000 crore in setting up their units in the state
These projects are expected to be operational in the coming months, and the state government is focused on streamlining the approval process to maintain momentum.
Investment Growth and Job Creation
With the approval of these 15 projects, the SIPB has now cleared investments worth a total of Rs 3,10,925 crore in the past seven months, creating over 3 lakh jobs. The latest approval is expected to generate 19,580 jobs across the state.
Focus on Speed and Efficiency in Business Approvals
During the meeting, Chief Minister Naidu emphasized the importance of implementing the “Speed of Doing Business” policy to ensure swift progress in the state’s investments. He instructed the Chief Secretary to hold regular review meetings at both the state and district levels to monitor the progress of projects.
Also Read: Andhra Pradesh CM Chandrababu Naidu Tributes to Mahatma Gandhi
International Interest and Tourism Focus
The Chief Minister also noted that international organizations such as DP World (Dubai) and AP Moller Maersk (Denmark) have shown interest in investing in the state, particularly following discussions at the World Economic Forum in Davos. Naidu directed officials to engage in detailed consultations with these companies to ensure the successful establishment of their investments.
In addition to industrial projects, Naidu called for greater focus on tourism-related investments, aiming for at least 20 percent progress in the sector.
New State-Level Monitoring Initiative
To ensure timely implementation of these projects, Naidu proposed the appointment of a State-level convener to monitor progress from the grassroots to the state level. This role will be pivotal in overseeing the granting of necessary permissions and resolving any issues at the ground level to ensure smooth project execution.
