Amaravathi: After International Diplomatic Outreach Program conducted in the State, the Andhra Pradesh Government plans to bring new industrial policy in the state where firms would be attracted through transparency, commitment and honesty rather than giving incentives.
Mekapati Goutham Reddy, the state minister for Industries and IT said that the state government is planning to lift industrial incentives soon as it acts as a burden for heavy revenue deficit state.
"We won't give industrial incentives like the previous government. The previous government had given commitment to incentives worth Rs 2,500 Crore in last five years. But the previous government didn't honour it. We are ready to pay them out soon. We are also planning to bring New Industrial Policy from December, 2019. It will give answer to all questions related to Industries including 75 Percent Local Quota in Industrial Jobs”, said Goutham Reddy.
Andhra Pradesh government had organised an international diplomatic outreach program on August 9th, 2019 to attract foreign investments in diplomatic discussions. Delegates and envoys from 35 Countries had participated in the event. CM Jagan Mohan Reddy also had a one-on-one interaction with every delegate.
After taking inputs from diplomats and trade representatives, the state government decided to bring a new industrial policy, which ensures transparency and commitment rather than giving incentives to industries.
The chief minister also plans to include 75 percent quota for local youth in industrial jobs in upcoming new industrial policy, as promised during polls.
Meanwhile, the state government continues to receive criticism from the opposition. Telugu Desam Party is targeting the state government over the policy alleging that the industries are going back because of the new policy.
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