At a successful investors gathering held today in Bengaluru, the state of Andhra Pradesh highlighted its abundant natural resources, significant investments in infrastructure, land bank, and extensive reforms. Together, these initiatives position Andhra Pradesh as the state where prosperity meets abundance. The gathering is one of many of its kind that will take place in the lead-up to the Global Investors Summit, which will be held in Visakhapatnam on March 3–4, 2023.
While older IT hubs have reached saturation, emerging IT centres in Andhra Pradesh, such as Visakhapatnam, Tirupati, and Anantapur, offer 20–25% lower operating costs to the companies, according to Shri. Buggana Rajendranath, the honourable Minister for Finance, Planning, Commercial Taxes, Skill Development, Training, & Legislative Affairs, who gave a keynote speech at the Bangaluru event.
The state’s honourable Minister for Industries, Infrastructure, Investment & Commerce, IT, Handlooms & Textiles, Shri Gudivada Amarnath, said that the government intends to develop the port city of Visakhapatnam as a beach-IT destination while speaking at the Investors Meet.
The IT secretary underlined the state’s primary strengths while speaking at the event. He emphasised the accessibility of skilled labour, which is a crucial component for the IT business. The state is placed seventh in India’s Skills Report 2022 for Employability. A recognised knowledge powerhouse in India, the State is home to 346 engineering/MCA colleges, over 18 state-sponsored universities, and elite institutions like IIT, IISER, IIIT, and IIM. A high-end IT skills university being built by the state in Visakhapatnam will concentrate on educating top talent in the fields of AI, ML, Data Analytics, and other cutting-edge technologies.
Additionally, the state is quickly becoming an electronics manufacturers’ preferred location. Andhra is the only state in India with four specifically designated clusters for electronic manufacturing (EMCs). Over 500 acres of YSR EMC are being developed, with a project cost of more than 750 crores INR. Some of the top companies in PCB fabrication, large-scale OSATs, display fabs, and mega semiconductor fabs are interested in setting up shop at YSR EMC. The state hopes to solidify its position as the industry leader in electronics by doing this. As of the now, Andhra Pradesh produces about 3.5 million mobile phones per month. Additionally, the state has the potential to produce 3 million TVs annually.
Additionally, the State also has a defence electronics manufacturing unit set up by Bharat Electronics Limited.
Key functionaries from various departments, ministries, and state government institutions had an open interaction with the investing community in Bengaluru today. Promising to handhold potential investors and facilitate the fastest turnaround time the presentations showcased the present and upcoming infrastructure and the conducive policy environment of the state.
Manufacturing, food processing, ports, IT and Electronics, handlooms, and textiles sectors attracted significant interest at the event. Andhra Pradesh is India’s gateway to the southeast with its 974 km long coastline, the second longest in the country, 6 existing ports, and 4 upcoming ports. However, it has also emerged as the fastest-growing state in India, as per the number released so far, with double-digit growth of 11.43% in 2021-22. The state has embarked on a rapid growth path under the able leadership of Sri Y.S. Jagan Mohan Reddy, Honourable Chief Minister. Thanks to the governance reforms and formulation of investor-friendly policies by the government, the state has emerged on top in terms of ease of doing business (EoD) for three consecutive years.
Consistent improvement in the governance framework to create hassle-free investing is augmented by hard infrastructure as three of the country’s eleven industrial corridors are being built in Andhra Pradesh alone. The improvements have been duly recognised and the state has received various awards over the last year alone.
