Day 1 of the Global Investors' Summit in Andhra Pradesh bagged over Rs 13 lakh crore investments
Investors have committed up to Rs 13 lakh crore on Day 1 of the Global Investors' Summit in Andhra Pradesh. Chief Minister Jaganmohan Reddy, who has been criticised in the past for being welfare-focussed and not industry-friendly, explained why the state is attractive for investors.
"We have received 340 investment proposals, with an investment of about Rs 13 lakh crore. They will give employment to about six lakh people across 20 sectors distributed across the state," Mr Reddy told delegates at the end of the inaugural session.
Mukesh Ambani, Karan Adani, GM Rao, Krishna Ella, Naveen Jindal and Puneet Dalmia were some of the top businesspeople who attended the event in Visakhapatnam.
Mr Ambani, the owner of Reliance Industries, spoke about creating the largest digital footprint network in Andhra Pradesh by investing over Rs 40,000 crore.
"Our 4G network covers over 98 per cent of the Andhra Pradesh population, including those living in the remotest corners of the state. The rollout of Jio's True 5G will be completed by the end of 2023 throughout India, including Andhra Pradesh," Mr Ambani said.
"We will continue our investments and invest in 10 gigawatt solar energy in Andhra Pradesh," he added.
How much investments will materialise is open-ended. The Chief Minister is hoping the summit would bring the much-needed investments and jobs to the state, while also changing the perception he has been welfare-centric and not industry-friendly, a view which took its root when he cancelled business agreements signed by the previous TDP government with a Singapore consortium.
Mr Reddy said Andhra Pradesh has been on No. 1 in the ease of doing business rankings for the past three years, adding the state recorded its highest gross state domestic product, or GSDP, growth of 11.4 per cent in 2021-22.
Andhra Pradesh has six ports, with four more coming up along its 974-km coastline. The government says large land parcels are available for industries. It has promised clearances in 21 days and land allotment within 30 days.
At the summit, industrialists who have invested big in Andhra Pradesh and are expanding their businesses also shared their experiences.
"Andhra Pradesh is known for excellent infrastructure, large manufacturing base, talented youth and business-friendly environment. It has the second-longest coastline in India and has established itself as one of the most prominent connection points with major world markets," Adani Ports CEO Karan Adani said, adding the huge response to the investors' summit shows that Andhra Pradesh is an irresistible business destination.
"I congratulate the leaders of the state for their vision towards a sustainable future, for being recognised by the World Bank as number one implementer for energy efficiency and conservation programme," he said.
He congratulated Mr Reddy for his "astute leadership" and supporting businesses that brought conglomerates like Adani to Andhra Pradesh. Adani group is active in multiple sectors from ports, logistics, power and edible oil to data centres in the state.
"We have already invested Rs 20,000 crore and it has created 18,000 direct and 54,000 indirect jobs," Mr Adani said.
The Adani group is committed to the Chief Minister's vision of a port-led industrial development, he said. The group manages two large ports. Mr Adani called it an excellent model of public-private partnership.
"The two private ports have a capacity of 100 million tonnes a year. In the next five years, will add 100 million tonnes capacity and transform them into industrial ports," Mr Adani said.
Naveen Jindal of JSP shared what he called his positive experience of working in Andhra Pradesh. "We see it as a potential industrial hub in the future. Andhra Pradesh is renowned for its excellent infrastructure, large manufacturing base, talented youth and a very business friendly environment," he said.
Mr Reddy said Vizag would be his executive capital and he would soon move to the city. The issue of three capitals for Andhra Pradesh, going back on former Chief Minister Chandrababu Naidu's plan for a greenfield capital, is pending in court.
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