By The Hindu Bureau

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Andhra Pradesh government has attracted investment projects (both government and private sector) totalling ₹4.47 lakh crore during 2024-25, according to a study by the MSME Export Promotion Council, a release said on Tuesday (September 23). The report was released in New Delhi.

The study on “Investment, Development & Growth between 2021-22 to 2024-25 in progressive Andhra Pradesh” was conducted by the council. Council chairman D.S Rawat said that during 2024-25, investment projects completed ₹19,685 crore, and pending projects worth ₹24,590 crore were revived. The Council has sourced data from the Centre for Monitoring of Indian Economy (CMIE), he added.

The study reveals that in 2021-22, new investment projects of ₹1,78,474 core were received, completed projects of ₹39,723 crore and revived projects of ₹8,915 crore. While in 2022-23, investment projects received were of ₹3,32,426 crore, completed of ₹32,765 crore and revived projects worth ₹1,226 crore. During 2023-24, the State attracted new projects of ₹1,20,858 crore, completed of ₹65,242 crore and revived the projects of ₹10,887 crore, he added.

The new investment projects announced by the industry in 2024-25 were of ₹3,71,814 crore, completed the projects worth ₹14,004 crore and revived the pending projects worth ₹18,232 crore, he added.

Mr. Rawat underlined need for setting up a high-powered committee to review each project, sort out hurdles within a stipulated timeframe, and facilitate project implementation to avoid cost escalation.

The presence of over 2.5 million MSME units operating across diverse sectors such as food processing, textiles, engineering, pharmaceuticals, IT-based services, aquaculture and renewable energy are playing a vital role in accelerating industrial growth, generating employment and strengthening the state’s economy, he added.

A number of MSME units are reeling under crisis due to swift changes in the technology, non-availability of timely and affordable finances and absence of online grievance redressal platforms for MSMEs, he observed.

“If Andhra Pradesh builds strong financial, digital, and export support systems, MSMEs can become the biggest drivers of jobs, balanced growth and exports in the state,” said Mr. Rawat.

To give boost to tourism sector, the study has suggested a 6-pronged strategy to emerge as a vibrant tourism hub of India. The strategy includes better connectivity & infrastructure, development of circuits, public private partnership, branding & promotion, community participation and clean, safe and sustainable tourism practices.

“This has been recommended because the State is blessed with a long coastline, rich culture, heritage and natural beauty holds immense tourism potential,” he said.

There is also huge potential of positioning the State as the next major IT hub of India after Bengaluru, Hyderabad and Chennai with policy stability, infrastructure and skilled talent. However, the State needs to develop world-class IT parks and SEZs in view of the huge competition among the States, he said.