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Andhra Pradesh underwent a radical change in 2023 as a result of Chief Minister Y.S. Jagan Mohan Reddy's "visionary initiatives reaping rich rewards," official sources said on Wednesday. The sources stated that the global investment summit that AP organized and hosted in Visakhapatnam was a great success. It garnered offers of investment exceeding `13 lakh crore, leading to the signing of almost 370 memoranda of understanding with different industrial companies and financiers.
Andhra Pradesh underwent a radical change in 2023 as a result of Chief Minister Y.S. Jagan Mohan Reddy’s “visionary initiatives reaping rich rewards,” official sources said on Wednesday. The sources stated that the global investment summit that AP organized and hosted in Visakhapatnam was a great success. It garnered offers of investment exceeding `13 lakh crore, leading to the signing of almost 370 memoranda of understanding with different industrial companies and financiers. For the third year running, AP ranked highest in the Ease-of-Doing Business (EoDB) rankings, and its “proactive role” has helped position the state as the new hub for investment across a range of industries. In this regard, the YSRC government’s single window clearing policy proved helpful.
The authorities stated that the state government’s persistent efforts were a contributing factor in drawing investment from the public sector to AP. The state served as the launchpad for multiple environmentally friendly industrial plants built by prominent players in the industry, including NTPC, ABC Ltd., Oberoi Group, Aurobindo Pharma, Adani Green Energy, AM Green Solar, Aditya Birla, Jindal Steel, K Raheja, and the Greenlam South Group. In 2023, several food processing and pharmaceutical facilities, hotels, resorts, industrial projects, solar energy projects, and green energy enterprises with a combined value of Rs 37,397 crore were established throughout various locations. As a result, there were equal employment possibilities, supporting the decentralized development strategy advocated by Chief Minister YS Jagan Mohan Reddy for balanced growth. According to the officials, CM Jagan took a number of actions to guarantee the expansion of MSMEs by assisting them in using cutting-edge management techniques and modern management systems, along with creative and inventive thinking that is currently popular worldwide. They emphasized that the establishment of exclusive MSME parks around the state was facilitated by the initiatives to support MSMEs in 54 clusters by establishing land banks in every district for decentralized industrial growth.
