Southern states, especially Andhra Pradesh and Karnataka have been in competition for trying to woo in the big investors to set up various industries in their respective states. Already AP is a bit ahead of other Southern states in wooing the biggies like Hero MotoCorp recently and of late Asian Paints.
The main bid of AP has been proposing incentives to the investors and providing land for setting up their plants alongwith single window clearance policy which has floored the big investors as procuring land for any industry is a mammoth task. In the first ever solid exercise, AP cleared cleared investments worth Rs.3000.
The AP State Investment Promotion Board (SIPB) cleared four investment proposals of Asian Paints, Universal Coke and Power Limited, Gujarat Ambuja Exports Ltd., and Shahi Exports Ltd. And Asian Paints happens to be one of the biggies among them who proposed Rs.1,818 crore investment. The company would start the construction of the plant in 2016 and commission its plant in October, 2019. The SPIB has agreed to the requested investments.
Besides the Andhra Pradesh government’s tax incentive policy, single window clearance system and other announcements regarding vying the automobile sector and other investments, this recent investment clearances of Rs.3000 crores is seen as a major step towards taking ahead the industrial policy of the state.
