Andhra Pradesh attracting a "flood of investments", claims govt

HYDERABAD: Despite political uncertainty, Andhra Pradesh is attracting a "flood of investments", the state government said today.

Investments that have materialised or are in the pipeline is to the tune of Rs 3,07,178 crore, a release from the Chief Minister's Office quoted N Kiran Kumar Reddy as saying in a meeting of the State Investment Promotion Board ( SIPB) held on February 23.

The meeting of the SIPB has cleared proposals to set up or expand 25 projects in 14 districts which would provide employment to about 42,000 crore and secure a revenue of Rs 878 crore to the government, the release said.

The investments show that the state is emerging as an 'industrial hub' in the manufacturing sector, it said.

Some of the major projects coming in the state are the joint venture NTPC and BHEL near Tirupati, Bharat Dynamics Limited's unit near Anantapur.

While the investments in the major, medium and small scale industries between 2004 and January, 2011 are Rs 51,098 crore, investments worth Rs 25,672 crore have been cleared on February 23 alone, the release said.

The industrial policy 2010-15 of the state government is the only of its kind in the country as it gives the best subsidies and infrastructure facilities, it said.