Visakhapatnam: With Andhra Pradesh reeling under a severe financial crisis, the state government is looking for various means to generate revenue and boost economy. AP Chief Minister N. Chandrababu Naidu on Thursday said that industries would boost economy and the long-pending LNG project proposed by Petronet would generate revenue for the state government.
Addressing a press conference here on Thursday, after the maiden state Cabinet meeting, Mr Naidu said, “Industries are the need of the hour for both revenue and employment generation. The state government would get around Rs 3,000 crore annually if the proposed LNG project by Petronet is grounded at Gangavaram Port.
A Cabinet sub-committee is being appointed to work out modalities for the immediate grounding of the project, which has been pending for more than three years. Besides revenue from the LNG project, it will also help many gas-based industries to come to the state. The project should be completed within three years.”
The Chief Minister felt that the LNG project will also help in establishing a PCPIR (Petroleum, Chemicals and Petrochemicals Investment Region) planned between Vizag and Kakinada, which was also hanging in limbo since a long time.
He further said that the state gets a revenue of Rs 700 crore from the Visakhapatnam Steel Plant (VSP), with a present capacity of 4 MT production, in the form of various taxes and if the capacity is further enhanced by 4 MT, state would get Rs 700 crs revenue. He assured all help from the state government for the VSP to enhance its production capacity.
“Since the earlier government had done gross injustice to Andhra Pradesh during bifurcation, we will ask for the Centre’s help till the state comes to a level-playing field in all sectors,” said Mr Naidu.
