Andhra Pradesh Plans Ratan Tata Innovation Hub to Boost Industrial Growth

Chief Minister N Chandrababu Naidu announced plans to establish a Ratan Tata Innovation Hub in Amaravati to accelerate industrial development in the state. During a review meeting on Monday, Naidu discussed policies focused on industrial growth, MSME, and food processing, emphasizing that job creation remains the state government's top priority.

Naidu stressed the importance of industrial policies that promote investment and foster a "Speed of Doing Business" environment. He suggested that the state government should conduct further study on private industrial parks, with a more detailed discussion planned for the next cabinet meeting. “We should operate as an investor-friendly government, and officials must keep this in mind

,” he noted.

To attract investors, the meeting decided to offer subsidies to those investing in the state after new policies take effect. The draft industrial policy proposes enhanced incentives for the first 200 companies that submit their establishment consent and announce their commercial production dates. Businesses that create more jobs will receive an additional 10% incentive.

The chief minister proposed a novel approach to providing industrial incentives via escrow accounts, a move aimed at driving further industrial growth and creating better employment opportunities in the state. He also emphasized that the MSME policy should incorporate the concept of "One Family-One Industrialist," promoting entrepreneurship at the grassroots level.

In the food processing sector, which is already thriving in aqua and poultry industries, the government plans to take steps to achieve similar success. The meeting approved an additional 5% incentive for women entrepreneurs in MSME and food processing sectors. A detailed discussion of these policies is expected at the upcoming cabinet meeting.

Ministers Kondapalli Srinivas and TG Bharat, along with senior officials, were present at the meeting.