Andhra Pradesh State Government has unveiled state’s new Industrial Development Policy 2020-23. The policy aims at the holistic development of all areas including Industrial, commercial and economic activities.
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Key-Points
The policy includes steps that are being taken up by the state government to boost industrial growth post the impact of COVID-19.
The government has identified industrial zoning as a key focus area to ensure planned industrial development and provide a risk-free, investment-friendly environment for setting up and operating industries in the state with minimal impact on the environment.
The major incentive a prospective investor gets, under the new policy, is reimbursement of State Goods and Services Tax for five years (capped to Fixed Capital Investment) for medium, large and mega industries linked to employment creation, the minister added.
The current lease and buy models for land allotment are being replaced with a composite lease buy model, where an industrialist gets to purchase the land after successfully running his unit for 10 years.
The thrust areas identified by the government, under the new industrial policy include food processing, pharmaceuticals and biotechnology, textiles, electronics, footwear and leather, toys and furniture, petrochemicals, aerospace and defence, automobiles and components, machinery, precision equipment and mineral-based industries.
