Andhra Pradesh Chief Minister N. Chandrababu Naidu inaugurated 16 industrial projects in Sri City and signed deals worth Rs 3,683 crore. These new ventures are anticipated to generate over 15,000 jobs, underscoring the State’s commitment to accelerating industrial growth through enhanced efficiency.
Focus on ‘Speed of Doing Business’
Naidu emphasized a shift from ‘Ease of Doing Business’ to ‘Speed of Doing Business’ to improve the industrial environment in Andhra Pradesh. Despite being ranked No. 1 in ‘Ease of Doing Business’ since 2015, he stressed that increasing the pace of business operations is crucial for the state’s industrial advancement.
Investment and Employment Opportunities
The new projects, with a combined investment of Rs 3,683 crore, are expected to create 15,280 jobs. This development highlights Sri City’s rapid growth, hosting over 200 companies from 30 countries, and its role as a prime investment destination.
Government’s Commitment and Past Challenges
Naidu acknowledged previous administrative shortcomings in addressing industrial incentives and infrastructure gaps. He assured stakeholders of his government’s dedication to resolving these issues through tax rationalization and industry-friendly policies.
Acknowledgments and Future Goals
Naidu praised Sri City’s leaders, C. Srini Raju and Ravindra Sannareddy, for transforming the region into a model of industrial development. He announced a new regulation reducing fire renewal requirements for industries to every five years instead of annually. Sannareddy commended Naidu’s leadership and policies, asserting that Sri City will continue to attract global investments.