Reflections 2023: AP investors summit a hit

For the YSRCP Government, the grounding of projects proposed at the Andhra Pradesh Global Investors' Summit in Visakhapatnam in March has turned into a big challenge mainly because the elections are nearing fast. The two-day summit could attract massive investment proposals from billionaires Mukesh Ambani on a 10 Gw solar energy project and Karan Adani's Gangavaram port expansion and data park projects. NTPC itself proposed an investment of Rs.1.1 lakh crore on a green hydrogen hub near Visakhapatnam.

Incidentally, 352 MoUs were signed envisaging an investment of Rs.13 lakh crore amid hype by the YSRCP Government, unlike hype created by erstwhile TDP regime by holding CII Partnership Summits, they have encouraged agreements only with those who are serious to invest in AP in a time-bound manner.

Chief Minister YS Jagan Mohan Reddy after a review said recently that implementation of MoUs is progressing well. He said out of 352 MoUs, 100 were signed by the Trade and Industry Department while 13 MoUs were translated into action bringing in Rs.2739 crore investments and creating employment for 6,858 people.

When the officials told him that 38 companies will begin their work in the State before January 2024 and 30 other companies before March 2024, he told them to ensure that all companies which signed MoUs should start work by February, 2024. He was told that 25 MoUs signed on energy projects, eight projects were awaiting SIPB clearance while DPRs are getting ready for another eight projects and works on four projects will commence soon.

Of the 20 MoUs signed on energy projects prior to the GIS-23, works on six projects will commence soon while DPRs are ready for 11 projects. These projects will bring Rs.8.85 lakh crore investments resulting in employment to 1,29,650 persons, officials said. Officials said of 88 MoUs worth Rs. 44,963 crore signed on IT and its related projects, an investment worth Rs.38,573 crore has already been grounded. The companies are about to start their operations.