The much-awaited New Industrial Policy of Government of Andhra Pradesh has been unveiled by the Industry Minister Mekapati Gautam Reddy here on Monday.
Captains of the Industries, entrepreneurs, and Industry bodies welcomed the Policy which aimed for the holistic development of all areas with respect to industrial, commercial, and economical activities. The policy stressed more on synchronizing between different regions in promoting industries and helping the existing ones in improving their efficiencies. Besides, a concerted effort has to be made to attract foreign investments.
Terming the New Industrial Policy as the most practicable and implementable Policy, M.Sudhir Mulagada, Visakhapatnam Zonal Chairman of AP Chambers said the government has taken due diligence for taking the feedback from all the stakeholders about the ground realities. The policy focussed more emphasis on a plug and play model for MSMEs on the similar lines of the IT industry as per their requirement.
The Policy also replaces the existing lease and buy option in APIIC land policy with the “Lease +Buy model” with a low upfront payment and option to buy land post 10 years of successful operation. Among the other key features of the Policy is clear cut incentive structure for the Micro, Small and Medium Enterprises. One of the key features of the Policy is the Hand-holding during pre-establishment and set up of the unit.
Lauding the New Industrial policy as the best, Mr G Sambasiva Rao, Past President of AP Chambers said special incentives like reserving 16.2 percent and 6 percent of plots in the APIIC parks for the women entrepreneurs belonging to SC/ST/ BC and minority communities will be a big help.
The policy also envisages setting up of 30 skill development centers and 2 development universities for ensuring balanced growth across 13 districts of the state.