Real-time approvals for industrial investments to start in Andhra Pradesh within the next month

The Andhra Pradesh government will start providing real-time approvals for new industrial investment projects within the next month, Chief Minister N Chandrababu Naidu said, according to a report by BusinessLine.

Naidu made this significant announcement while addressing a press conference following the conclusion of the 31st CII Partnership Summit in Visakhapatnam on Friday. He clarified that this real-time approval process will be based on self-certification. Under this new arrangement, only about 20 per cent of the total approval process will remain with the state government, which will be completed within the stipulated timeframe.

A panel of experts will be formed to ensure that no difficulties arise in this real-time approval process and that it can be properly supervised. To protect the interests of investors, the government will also frame an 'Investment Protection Act', so that investors remain secure despite changes in political governance. Additionally, Naidu stated that the state government has activated previously announced escrow accounts to pay investment incentives to industries, which is a first-of-its-kind step in the country.

Speaking on the success of the summit, the Chief Minister stated that 303 MoUs have been signed by the state government, through which an estimated total investment of ₹9.89 lakh crore is expected. This investment will create 3.48 lakh jobs. If looking at the figures from June 2024 to date, the state has secured total investments of ₹32 lakh crore, which will create 30 lakh jobs.

Investments are being made across all major industries. The government is establishing 25 sector parks, and 175 MSME parks will also be operational in all constituencies in the coming time. Alongside industries, the government is also focusing on the agriculture sector, which includes introducing AI stacks using Artificial Intelligence (AI) and focusing on horticulture.

N Chandrababu Naidu is the Chief Minister of Andhra Pradesh and is known as a political leader of the state. He has implemented various policies to boost economic development and industrialisation in the state.