AP's GSDP grows 11.33% in FY22

During the past three years, 98 large and mega industries have become operational with an investment of Rs 39,000 crore. In a year or two, the process is on to commission 56 large and mega industries with an investment of Rs 1.54 lakh crore

Visakhapatnam: AP Chief Minister YS Jagan Mohan Reddy on Tuesday said Andhra Pradesh is ahead of the nation's growth with a GSDP of 11.33 per cent as against the country's 8.9 per cent during 2021-22.

Stating that proactive policies are responsible for the State's growth trajectory, he told a meeting organised in connection with the inauguration of first phase and ground-breaking ceremony of second phase project of Yokohama's ATC Tires Pvt Ltd at Atchutapuram in Anakapalli district that the State secured top most ranking in Ease of Doing Business (EoDB) for the third time in a row. This year, for the first time, EoDB ranking was made by eliciting the views of the industrialists.

Reddy also launched seven other projects involving investment of several crores. Some of them included a fruit processing plant worth envisaging an investment of Rs 185 crore and a plastic lab worth Rs 81 crore. The tyre factory by Yokohama has completed the first phase project in a record time of 15 months. It is planning to commission the second phase by August, 2023. The project involves a total investment of Rs.2200 crore with employment to over 2,000.

Reddy said AP could export goods worth $19.3 billion during 2021-22 accounting for a share of 4.8 per cent of the nation's exports. He said they are planning to increase it to 10 per cent in the coming years.

The Chief Minister announced that they are constructing four new ports and nine fishing harbours in addition to six existing ports. "Our plan is to have one port or fishing harbour in a distance of every 50 km," he disclosed.

He said AP is emerging as an ideal destination for industrial investments adding, it is the only State to have three industrial corridors viz. Visakhapatnam-Chennai Industrial Corridor, Chennai-Bangalore Industrial Corridor and Hyderabad-Bangalore Industrial Corridor. He said efforts are on to lay the foundation stone for the Adani Data Park project in Visakhapatnam sometime next month.

Castigating the previous TDP regime, he said there was time, the industrialists were running from pillar to post to get incentives promised in its policy. After the change of guard, they had not only cleared the pending incentives but also released incentives as promises from time to time.

The Chief Minister said during the past three years, 98 large and mega industries have become operational with an investment of Rs 39,000 crore. In a year or two, the process is on to commission 56 large and mega industries with an investment of Rs 1.54 lakh crore. He said as per the policy of the government, all the industries have to provide 75 per cent of jobs to the locals.

Industries Minister Gudivada Amarnath thanked Yokohama Group for locating the state of the art project at Atchutapuram. He said the top rank in EoDB has turned AP as a favourite destination for investors.