According to a report (July 2022) released by the Department for Promotion of Industries and Internal Trade (DPIIT), Ministry of Commerce and Industry (MoCI), Andhra Pradesh (AP) has emerged as India’s top investment destination, attracting a substantial share of investments worth Rs. 40,361 crore between January – July 2022.
- During this period, India’s actual industrial investment amounted to Rs. 1,71,285 crore.
Of India’s total industrial investments, AP contributed 23.56 %. Odisha came in second with Rs. 36,828 crore.
- Both AP and Odisha accounted for 45% of total investment inflows to India during this period.
Other Notable Achievements of Andhra Pradesh
i.With an emphasis on investments in renewable energy and port-based sectors, the AP government has designated 29 locations suitable and viable for renewable power projects.
ii.Given that AP has the second longest coastline (972 km) in India, the AP government has begun development of 3 additional ports and nine fishing harbours, in addition to the six existing ports.
- AP also leads in marine product exports in India.
iii.Andhra Pradesh was chosen for the establishment of a Bulk Drug Park (BDP), making it the only southern state to receive a BDP.
iv.A Memorandum of Understanding for projects totaling more than Rs. 1.25 lakh crore was exchanged on the margins of the World Economic Forum 2022 in Davos, Switzerland, securing investments for AP.
v.The AP cabinet has approved proposals for investment worth Rs 1,26,748 crore, which would provide direct employment for around 40,330 people over the next seven years after the projects are finished.
vi.Despite becoming the leading investment destination, the AP has underperformed in terms of commencement of commercial production.
- Industrial projects worth Rs. 6,173 crore have started commercial operations out of a total investment inflow of Rs. 40,361 crore.
Recent Related News:
i.In July 2022, According to the Ministry of Commerce and Industry (MoCI), Foreign Direct Investment (FDI) inflows into India’s Research and Development (R & D) sector hiked to USD 343.64 million in Calendar Year (C.Y.) 2021, rising 516% from USD 55.77 million in C.Y. 2020.
ii.FDI is permitted in the R&D sector through a 100% automatic route, subject to applicable laws/regulations, security and other conditionalities.
About Ministry of Commerce and Industry (MoCI):
Union Minister – Piyush Goyal (Rajya Sabha – Maharashtra)
Minister of State (MoS) – Anupriya Singh Patel; Som Parkash
