Visakhapatnam, 10th August 2020: The AP Government came out with Industrial Policy 2020-23 to promote industrial growth in AP. President Mr. Veeramohan and Hon. Secretary Mr. Ravi Godey told the press that They appreciate the idea of the Honourable Chief Minister for coming out with a policy to reduce the cost of doing business and helping MSMEs achieve scale and improve competitiveness.
VCCI appreciates the following measures proposed in the policy.
*The introduction of YSR AP ONE – a one-stop resource and support center is an ambitious project and the success of this policy will depend on the efficient implementation of this facility.
* Equal focus on existing units as well as prospective investors
* Focus on asset creation in infrastructure and skill pool development
* Reduce upfront cost and time to setup
* Special support to SC, ST, BC, Minority, and special packages for women belonging to these sections.
* Developing various categories of industrial parks and new land allotment policies
Proposing to provide corruption free, transparent governance is also well taken by the business community. People are looking for this kind of change. Deemed approvals for MSMEs, online approvals to ensure starting a business in 21 days are great steps towards ease of doing business.
Incentives like reimbursement of 100% Stamp duty, ₹ 1/- per unit for 5 years, 100% SGST for 5 years, 3% interest subsidy on the term loan are also well appreciated by everyone.
In the policy the following important issues were not addressed by the Government:
1. Certain changes in labor Laws like Gujarat, UP, and MP. These Incentives would attract more international investors.
2. Additional incentives for people who would like to set up industries in rural areas.
Hope the AP Government will consider these two points to stay in competition with other states in attracting industries especially those who are thinking of shifting their base from China to India.
The Vizagapatam Chamber of Commerce & Industry
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