Goyal praises Naidu's 'Speed of Doing Business' model

Visakhapatnam: Union Minister for Commerce and Industry Piyush Goyal on Thursday positioned India as a reliable destination for global capital amid mounting geopolitical uncertainties and intensifying competition, saying the 31st CII Partnership Summit in Visakhapatnam was opening new avenues for the expansion of industry, trade and commerce. He also highlighted Andhra Pradesh's emergence as an investment destination, backed by faster decision-making, emerging technology capabilities and a commitment to investor confidence.

Addressing the inaugural session as chief guest, Goyal commended Visakhapatnam for its rapid recovery from two successive cyclones that caused extensive damage along Andhra Pradesh's coastline. The city's ability to bounce back and host an international investment summit, bringing together industrialists, ambassadors and delegates from across the world, reflected its resilience, he said.

He particularly highlighted the state's escrow account mechanism for ensuring timely disbursement of industrial incentives, saying such measures strengthened investor confidence and improved the predictability of the business environment.

Goyal said Naidu had assumed office in 2024 amid heavy state debt and weakened administrative systems but had undertaken efforts to rebuild governance, streamline administration and attract investments. Comparing the partnership between Naidu and Prime Minister Narendra Modi to the forces of water and fire in the film RRR, he said their combined efforts were driving the country's development.

Turning to Andhra Pradesh's industrial prospects, Goyal said Visakhapatnam was evolving from a 'Steel City' into a 'Silicon City', while Orvakal and Pudimadaka were emerging as green energy hubs.

He reaffirmed India's commitment to protecting intellectual property rights and supporting innovators and investors. The government was extending support to industries to manufacture high-quality products at competitive costs and with greater speed. Inviting global businesses to explore investment opportunities in India and Andhra Pradesh, particularly in manufacturing and tourism, Goyal told investors to become partners in the development of Andhra Pradesh distinguished by its rich heritage and culture.