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Non-Resident Telugus ink pact with 72 companies

Highlights

Intensive campaign launched by the State government for attracting industries are giving bountiful results as 72 companies reached

- For setting up various industries worth Rs 400 crore in Krishna and Guntur districts
- The deal expected to generate employment for 4,000-odd people
- Large number of NRIs are ready to invest in AP due to conducive atmosphere, says Seshu Babu, head of the APNRTS

Vijayawada: Intensive campaign launched by the State government for attracting industries are giving bountiful results as 72 companies reached MoUs with Andhra Pradesh Non-Resident Telugus Society (APNRTS) for setting up industries in Krishna and Guntur districts. The approximate value of the investment is Rs 400 crore and it is expected to generate employment for 4,000.

The NRIs have signed MoUs for setting up micro, medium and small scale industries related to Information and Technology, precision engineering, construction and works for grounding of industries will begin by June or July 2016 in Amaravati region and Gannavaram. The Non-Resident Telugus Society (NRTS) formed by State government is vigorously trying to convince the Telugu entrepreneurs living in other countries to invest in Andhra Pradesh and contribute for the development of their home land.

The NRTS is providing information on investment options, legal taxation, banking procedures, land availability, land prices, industrial zones etc. The Non-Resident Telugus are sending Rs 30,000 crore every year to Andhra Pradesh from the Gulf, Western Countries, Malaysia, Singapore and other East Asian countries. This amount is nearly one third of the State budget, which is over Rs.1.10 lakh crore. Kanuru Seshu Babu, director of head of investment, NRTS, said a large number of NRIs are ready to invest in the fields of Information Technology, software, pharmaceuticals, defence and engineering industries and been waiting to get information about the taxes, land prices, banking procedures etc. Addressing a media conference here on Saturday, he said Andhra Pradesh has bright future for industrial development. He said MoUs reached for the investment of Rs 400 crore in Krishna and Guntur districts.

Andhra Pradesh is achieving growth rate over 10 per cent which is very high compared to two per cent growth being achieved by Western countries, he added. Seshu Babu is optimistic the efforts of NRTS will give good results in the coming years.

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