News/City Updates

Andhra Pradesh tops India in attracting industrial investments; ₹40,361 crores in seven months

With a lot of investments pouring into Andhra Pradesh, it has become India’s favourite destination for industrial investments. Andhra Pradesh has attracted investments worth ₹40,361 crores in the first seven months of 2022.

According to the report released by the Central Department for Promotion of Industries and Internal Tarde, India has overall attracted investments to the tune of ₹1,71,285 crore in the first seven months of 2022. AP bagged the largest piece of investments, followed by Odisha with ₹36,828 crores and Maharashtra with ₹20,949 crores. Gujarat ranked fourth with a total investment of ₹17,620 crores.

 

Tweeting about this victory, Member of Parliament, Chairman of the Parliamentary Standing Committee on Commerce, Vijayasai Reddy V tweeted that 23% of the industrial investments in India were from Andhra Pradesh and credited the state government for its commendable efforts. 

Also Read: Job recruitment drive to be conducted in Visakhapatnam on 16 September

The above-mentioned investments are based on Part B of the Industrial Entrepreneurs Memorandums (IEM) implemented. Part A of the IEM, indicates the intention to invest whereas Part B of the IEM reports the commencement of the production.  

With this huge amount of investment being implemented in the state, the government aims at improving employment levels over the years. Types of industries that will be set up in the state include fertilisers, food processing units, paper and pulp units, cement units, and commercial and household equipment.

 

Stay tuned to Yo! Vizag website and Instagram for more.  

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