There is a reforms mood in the country with all levels of Government, be it at the Centre, State and Local levels moving at a rapid pace to implement reforms and attract investment. This was stated by Mr. M Venkaiah Naidu, Hon’ble Vice President of the Republic of India while delivering the Inaugural Address at the CII Partnership Summit 2018 being organized by the Confederation of Indian Industry
(CII) in association with the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India, and the State Government of Andhra Pradesh.
The Vice President of India stated that India has emerged as one of the growing large economies in the world and the global outlook also looks brighter. Vital structural reforms like implementation of demonetization and GST have led to an expansion of the formal economy and brought about increased tax compliance. The number of people, who had filed Income Tax returns increased from 6.47 crore in 2014-15 to 8.27 crore at the end of 2016-17. He also pointed out that thanks to the reforms initiated, the Current Account Deficit had declined from 1.5% to 0.5% and the fiscal deficit from 5.9% to 3.5%.
He stated that any tough reform will face teething problems in the initial stages and the same was the case with both demonetization and GST. However, the long-term advantages will definitely outweigh the short-term hiccups which caused a bit of economic slowdown
He highlighted that infrastructure development in the country was in an expansion mode and there was all-round growth in various sectors.
Mr. N Chandrababu Naidu, Chief Minister of Andhra Pradesh, said the Andhra Pradesh Government is working toward ensuring that the state emerges as one among top 3 investment destinations in the country by the year 2022, the top investment destination with the highest per capita income by the year 2029, and a premier global investment destination by the year 2050.
Underlining Andhra Pradesh’s sustained double-digit SGDP growth achieved in the last three years, Mr. Chandrababu Naidu said that all key sectors – agriculture, industrial and services – have received the concentrated attention of the government. He cited that the state achieved over 25% growth in agriculture even in the face of deficit rainfall, which pointed to the efficient water management systems that have been instituted across Andhra Pradesh. In the next 5 years, Andhra Pradesh will see Rs 10 lakh crore fresh investments and 20 lakh new jobs created, the chief minister said.
Mr. Suresh Prabhu, Minister for Commerce & Industry, Government of India stated that Andhra Pradesh has overcome stiff challenges to become one of India’s fastest-growing states. He added that the Centre is working closely with Andhra Pradesh Government to develop the state as a major automobile manufacturing hub.
The Minister stated that with the Government of India’s renewed focus on promoting labour-intensive manufacturing sectors across the country, Andhra Pradesh will see accelerated development of sectors like gems & jewellery manufacturing, agro-exports, leather and footwear manufacturing, medical equipment manufacturing, among others. Mr Prabhu said the focus would be on “design in Andhra Pradesh”, as much as “make in Andhra Pradesh”. He assured the state government that the Centre will extend every support in helping Andhra Pradesh realise its true economic potential.
Mr. Ramesh Abhishek, Secretary, Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry, Government of India, said the high level of participation in the Partnership Summit is emblematic of the innumerable business opportunities that are available in the state of Andhra Pradesh. He made a special mention of the Innovation Centres that have come up in the state, which he said would also draw the attention of a gamut of multinational companies.
Mr. Gautam Adani, Chairman, Adani Group, highlighted the investments potentials in Andhra Pradesh in the realms of seaport infrastructure, renewable energy development, etc. The Adani Group will be developing the Bhavanapadu port project in the state.
Ms. Shobana Kamineni, President, CII, said that India has a key role cut-out in the unravelling of Industry 4.0. Noting that India is set to become a $5 trillion economy by the year 2025, Ms. Kamineni said it is vital to align the SME sector with global value chains. She added that Andhra Pradesh has the core strengths to emerge as a premier hub for knowledge-based industries.
Mr Chandrajit Banerjee, Director General, CII, in his opening remarks said that the Summit, which was being organised in Visakhapatnam for the third successive year, is designed to provide a deep understanding of the reforms process that is underway in the country, as also the role of states in realising the aspiration of the country’s 1.3 billion people. The Summit has seen the participation of around 2,500 delegates, with representation from over 50 countries. Some 800 business-to-business meetings have been conducted.
During the session, a MoU document was exchanged between Automotive Manufacturers Association of India (ACMA), Society of Indian Automobile Manufacturers (SIAM) and Andhra Pradesh Economic Development Board to develop the automotive industry in the state.
The session also witnessed the foundation stone laying ceremony for the Lulu International Convention Centre, Hotel, and Mall that will be established at the very place where the Summit is underway. The estimated cost of the project is expected to be around Rs 2000/- crore.
The above has been put forward as received in a press note