Amaravati: Andhra Pradesh’s State Investment Promotion Board (SIPB), chaired by Chief Minister N. Chandrababu Naidu, has approved investments worth ₹85,083 crore, projected to create 33,966 jobs across the state.
During the maiden SIPB meeting held at the State Secretariat, the Chief Minister urged officials to work diligently to attract investments despite competition from other states. Highlighting the adverse policies of the previous government, which discouraged investments, Mr. Naidu emphasized the importance of fostering investor confidence and tracking projects until completion.
The meeting approved 10 major industrial projects, including the ₹61,780 crore integrated steel plant by ArcelorMittal Nippon Steel near Bagaraiahpeta, expected to employ 21,000 people. LG Electronics India will invest ₹5,001 crore to generate 1,495 jobs, while Kalyani Strategies System Limited, Phillips Carbon Black Limited, and Azad India Mobility Limited will collectively invest over ₹6,274 crore to provide nearly 3,146 jobs.
Officials noted discrepancies in incentives paid by previous governments, with only ₹1,961 crore disbursed compared to ₹3,883 crore during the earlier TDP regime. The Chief Minister stressed transparent land pooling and equitable compensation for landowners, along with skill development initiatives for affected individuals.
The meeting also reviewed strategies to expedite project implementation and foster industry growth, ensuring sustainable development and job creation.
