88 MoUs worth Rs 44,963 crore inked: YSRCP counters TDP on investments in state

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The Andhra Pradesh government said on Tuesday that 88 memorandums of understanding (MoUs) worth Rs 44,963 crore were signed on IT and ITES-related projects at the Global Investors Summit (GIS) held in March at Visakhapatnam. Out of this, investments worth Rs 38,573 crore have already come in and the companies are about to start their operations, Chief Minister Y S Jagan Mohan Reddy said, adding that Visakhapatnam would soon turn into an IT hub.

Reddy’s statement is the latest in the spat between the ruling YSRCP and Opposition Telugu Desam Party (TDP) after N Chandrababu Naidu said that development in the state had stopped and all prospects of developing the IT sector were squandered away by the state government’s policies. In statements issued after the TDP conclave held last month, Naidu had also said that revenue generation had taken a hit in the state and GST collections were not encouraging.

IT and Industries Minister G Amarnath said that 38 companies which signed MoUs during the summit will commence production by January next year. Stating that the Visakhapatnam summit was a huge success in attracting investments, Amarnath said that 387 MoUs were signed at the GIS, out of which 100 MoUs were signed by the trade and industry department while 13 MoUs have translated into action, bringing in investments worth Rs 2,739 crore and creating employment for 6,858 people. Thirty other companies are expected to begin work before March 2024.

Amarnath also said that the state achieved excellent progress with the growth rate reaching 11.43 per cent in 2021-22 from 5. 36 per cent in 2019. The exports from the state also went up to Rs 1.6 lakh crore in 2022-23 from 1.43 lakh crore in 2021-22.

At a review meeting, CM Reddy said that while 25 MoUs were inked related to energy projects, eight projects were awaiting State Investments Promotion Board (SIPB) clearance, detailed project reports (DPRs) were being readied for another eight projects and works on four projects would be commencing soon.

The Andhra Pradesh government is also working to attract investments in the manufacturing sector. The chief minister said that micro, small and medium enterprises should work with the aim of exporting a wide range of products to several countries.

Of the 20 MoUs signed on energy projects prior to GIS-23, officials said that works on six projects would 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 people, an official said.