AP unveils Electronics Policy 4.0 to attract USD 150 billion investment, boost manufacturing
Disclosing the details to mediapersons, Minister for Information and Public Relations Kolusu Parthasarathy said the policy will accelerate business pace and stimulate large-scale domestic and global investments in the electronics components ecosystem.
Electronics component manufacturing companies investing in Andhra Pradesh can receive advance and matching incentives, interim support measures, and plug-and-play manufacturing facilities in special clusters. Electronics companies can also receive incentives and concessions suitable for mega projects as part of the policy.
Significant employment generation opportunities will arise in places like Sri City, Orvakal, Kopparthi and Hindupur. The new policy intends to attract $150 billion investments into the State, he explained.
In this Cabinet meeting, proposals related to investments of approximately Rs 80,000 crore, which will create employment opportunities for 1.50 lakh people were cleared.
Based on the State Investment Promotion Board (SIPB) recommendations, the Cabinet allocated 3.6 acres of land at IT Hill No. 3, Madhurawada, Visakhapatnam district at Rs 1 crore per acre, and 50 acres at Paradesipalem at Rs 50 lakh per acre to Sify Infinite Spaces Limited through APIIC, thereby facilitating Rs 16,466 crore investment, and 600 jobs.
This strategic development will establish Visakhapatnam as a key data hub, attract technology-based organisations, and improve the State's capabilities in cloud computing, data storage, and digital services, the I&PR Minister said.
The Council of Ministers gave green signal to the recommendations made by the Technical Committee in its final report for completing construction works of 20 existing packages under Andhra Pradesh Urban Water Supply and Septage Management Improvement Project (APUWS&SMIP) with Asian Infrastructure Investment Bank (AIIB) funding, and to invite tenders for remaining works.
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