Yanamala seeks changes in AP's industrial policy

Vijayawada: Former Finance minister and TDP politburo member Yanamala Ramakrishnudu on Tuesday said that the industrial sector, which is crucial for the development of the State, has been touching the rock bottom level in Andhra Pradesh for the past three-and-half years.

In an open letter to Chief Minister YS Jagan Mohan Reddy, said that the State is caught in a deep financial crisis with reverse growth, large-scale unemployment and no investments. When the industrial and service sectors witnessed tremendous growth during the TDP regime, they are now moving in reverse, he said, seeking drastic changes in the industrial policy.

With the destructive and negative policies being adopted by the State government, there are absolutely no new investments in the State following which there is no employment generation. On the other hand, the industries that are likely to be set up in Andhra Pradesh are moving out of the State due to the failure of the law and order and the increasing trend in the demand for commissions.

At least investments worth over Rs 17 lakh crore moved out of Andhra Pradesh to the neighbouring States, including the Kia affiliated units to Chennai and Hyderabad, Ramakrishnudu pointed out in the letter to the Chief Minister. Industrialists like Lulu, Franklin Templeton and others cancelled their agreements with the State government while the Asian Pulp Paper Industry, which is likely to set up its unit in Prakasam district, withdrew investments, the TDP politburo member stated.