Visakhapatnam: The Andhra Pradesh government on Monday unveiled state's "Retail Trade Policy-2016" aiming to attract Rs 5,000-crore investments into the sector and create 20,000 job opportunities by 2020.
The policy, which was released during the Partnership Summit being held here, said the government will facilitate all clearances in accordance with Single Desk Policy 2015-20 bringing together all stakeholder departments on a common platform.
"Andhra Pradesh has a huge potential to become one of the leading destinations for retail trade. The retail trade is a key driver for socio-economic development in the State andwill continue to be a significant employment generator," Andhra Pradesh Chief Minister N Chandrababu Naidu said.
The state contributes about 8 per cent of India's total retail market of 13 million stores. There are 1.04 million retail stores, which include organised and unorganised retail. The organised sector comprises 83,000 stores in the state and it is estimated that 1,66,000 retail stores are expected to open in AP by 2017.
Besides, AP has one of the fastest growth rates of 9 per cent followed by industry sector at 7 per cent and agriculture sector at 3.8 per cent between 2004-05 and 2012-2013.
Under the policy, projects with an investment of atleast Rs 100 crore or direct employment generation of 2,000 will be accorded mega retail enterprise status. Such investments will include setting up of enterprises such as distribution centres, warehouses and retail enterprises.
The government will extend tailor-made benefits to mega retail enterprises to suit particular investment requirements on the case-to-case basis taking into account the gestation period, locational aspects, technology automation, project's importance to the State’s economic growth and its ability to generate large scale employment for people or revenues for the state, the policy said.