Experts ask state to pursue MoUs on agreements worth Rs 35,745 crore
A delegation of investors from FairFax group, Canada led by Prem Vatsa call on Andhra Pradesh Chief Minister N. Chandrababu Naidu on Sunday at his residence.
Hyderabad: Forty seven MoUs have been signed with companies in India, Japan, the UAE and Canada, involving a total investment of Rs 35,745 crore, after Chief Minister N. Chandrababu Naidu took over the reins.
Experts say that government has to ensure that the MoUs fructify by giving quick clearances. Special status and tax benefits are being seen as crucial elements that could turn these MoUs into investments. The MoUs signed so far are in sectors like petrochemicals, energy, infrastructure, electronics, manufacturing, food processing, textile and automobiles.
According to the CM’s office, 11 global firms, with investments worth Rs 980 crore, have been inaugurated and foundation stones laid for 11 units worth Rs 1,000 crore. The State Investment Promotion Board has approved eight proposals with a investment of Rs 25,286 crore and potential to create 36,085 jobs.
These proposals have come from the Birla Group, Ramco Group, Kelloggs, Hero Moto-Corp, Gujarat Ambuja Exports, Shahi Exports and Asian Paints. “The CM has inaugurated a beverages plant by PepsiCo at Sri City with an investment of Rs 12,000 crore. Global Pharma major Mylan is investing an additional $5 billion in AP.
During the Industry Mission Launch in April 2015, our government signed 47 MoUs,” said the AP government’s communication office. Labour minister K. Atchannaidu said, “Our CM is going all out to turn AP into an investment destination. The official machinery has to catch up to ensure the goals are reached.”
Mr Chitturi Suresh Rayudu of CII-AP said, “The single desk has to take quick decision on clearances. There are some legacy issues to be streamlined.” Former CII-AP chairman Y. Harischandra Prasad said, “All MoUs are not investment MoUs. Some of them are EPC.”
( Source : dc )
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