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AP Govt Unveils New ‘Industrial Development Policy 2020-23’

Author: Finapolis Network/Wednesday, August 12, 2020/Categories: Exclusive

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AP Govt Unveils New ‘Industrial Development Policy 2020-23’

Amaravati: The Government of Andhra Pradesh has unveiled Industrial Development Policy 2020-23. The highlight of the policy is ‘YSR AP One’ a new multi-faceted capability center to be set up in the state. The new center will offer high quality support to units in the state on all aspects of the business at par with advanced countries like Germany and Japan. This includes specialized services like entrepreneurship facilitation, sales support, and MSME revitalization.

Mekapati Gowtham Reddy, Minister for Industries, released the policy in a function held at Vijayawada. R Karikal Valaven, special chief secretary, Industries Depatment, presided over the event. RK Roja, Chairperson, APIIC, Krishna GV Giri, advisor to Chief Minister on industries and EVP APEDB, and JVN Subramanyam, Director of Industries, were also present. Over a hundred representatives from industrial and academic communities joined the event virtually over video conference.

Gowtham Reddy said: “YSR AP One is being set up in line with the vision of Chief Minister YS Jaganmohan Reddy to ensure that relationship between the state government and industries should be that of partnership and not transactional. We are committed to not just welcome units to state with a red carpet, but handhold and support them in every aspect of the business so that they can realize their full potential.”

The new policy emphasizes putting equal focus on supporting existing units along with facilitating new units, ensuring balanced growth across regions and communities, and reducing the upfront cost and risk of doing business.

Valaven mentioned that the AP government is committed to delivering on each element of the policy: CM has underlined this commitment by releasing all the dues owed to MSMEs pending since last several years, despite severe financial crunch due to Covid crisis.”

The new industrial policy for 2020-23 proposes interventions across infrastructure, ease of doing business, skill development, business enablement, and fiscal incentives. Notable interventions include complete zoning and pre-clearance of industrial land in the state, setting up of MSME parks with plug and play facilities. To further enhance ease of doing business, the Government proposes to provide deemed approval with a grace period of 3 years for all green category MSMEs. 30 skill centers and 2 skilling universities shall be established in the state. Global immersion programs shall be started to provide global exposure to top talent in the state.

Fiscal incentives proposed for MSEs include 100 per cent reimbursement of stamp duty, power subsidy of Re 1/unit, reimbursement of 100 per cent of net SGST, 15 per cent investment subsidy, and interest subsidy up to three per cent. For medium, large and mega industries, net SGST reimbursement linked to employment generation has been proposed. The policy also lays down additional incentives for units owned by special category and women entrepreneurs.

The policy identified 10 thrust sectors including food processing, textiles, pharma and biotechnology, electronics, defence and aerospace, leather and footwear, toys and furniture, petrochemical and allied, automobiles, machinery, precision equipment, and mineral-based industries Ravi Sannappareddy, President Sri City, Jose Foulger, Country Head and MD, Foxconn, and Prof Bhagwan Chowdhry from ISB spoke on the occasion. Krishna GV Giri, Advisor to CM on industries and EVP EDB delivered the vote of thanks. Thanking the efforts made by the team, Giri expressed confidence in the industrial policy unleashing animal spirits in the state.

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