Hyderabad: The Andhra Pradesh cabinet has discussed the new industrial policy and postponed final approval to March 28. The cabinet meeting was held on Friday and was attended by nine ministers. Ten ministers did not attend as they were on tour. The cabinet decided to hold a meeting on March 28 for approving the new industrial policy as most of the ministers were absent on Friday.
The cabinet took a decision to allot 592 acres to Hero Motor Corp at Madinapalle. The cabinet approved three mini life science parks at Kakinada, Anantapur and Guntur or Chittoor. The cabinet also decided to attract '30,000 crore to the state in the next five years and match Karnataka’s incentives.
AP will increase investment, interest and training subsidies and exemptions in taxes. The government will provide all permissions to set up a new industry within 21 days. All recruitments will be done through employment exchanges and industrialists will have to submit their requirements before setting up the unit. In recruitment locals should be given preference. The government will ban strikes for three years after the setting up of the new industry.
The AP government will take a decision on the filling of tax returns by business establishments at one place instead of six places now.
