Chandrababu Naidu’s government has taken a bold step to attract more investments to the state. The government has released 1399 Crore industrial incentives which the state owed to various industries at a time. 5300 companies and industries will get benefited from this move.
Recently a delegation of various industries brought this to the Chief Minister’s notice and the arrears are as old as 2005. CM initially promised them to clear those in an year but finished it in less than a month. Earlier last month the government also cleared incentives of 383 Crores to spinning mills in Hudhud affected areas.
Earlier the government thought of releasing these funds in three installments given the bad finances of the state, but to attract investors to the state, the government cleared all of it in a go. Experts are of the opinion that this move of the government will boost the investors’ confidence and will push new investments to the state.
