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Manufacturing sector set for major growth
Manufacturing sector in State is set for major growth in the next two years, as the State government’s efforts to attract major investments are yielding results. According to sources in Industries Department, three major investment proposals in the solar energy sector have been approved and, one company has identified Anantapur and Nellore as its choice to establish its units. “The State governmen
Hyderabad: Manufacturing sector in State is set for major growth in the next two years, as the State government’s efforts to attract major investments are yielding results. According to sources in Industries Department, three major investment proposals in the solar energy sector have been approved and, one company has identified Anantapur and Nellore as its choice to establish its units. “The State government has been giving clearances to green technologies, which need no environmental clearances from the Central agencies,” they added.
Taiwan-based Foxconn has established its manufacturing unit in the State within less than five months and started production. Meanwhile, HPCL and Rastriya Ispat Nigam Limited (Vizag Steel), NTPC and the like have been going on expansion mode.
- Government approves three major investment proposals in solar energy
- Investors demand land near areas like Vizag and Tirupati
- Industries department keen to tap investors from China
It should be noted that securing clearances from Central agencies will take two years are more. Agencies like Pollution Control Board need data for two seasons, to give clearances and the process last about one year. Moreover, in case of major investments, limited companies and Foreign Direct Investment (FDI) entities needed approval from Securities Exchange Board of India (SEBI) and the like. So, the gestation period, depending on the nature of the companies takes one to two years.
Speaking to The Hans India, a senior official from the Industries Department said that as the process of attracting investments into manufacturing sector was initiated two years ago and the fruits will be realised in the coming two years.
However, at the same time, the State has been experiencing the pressure from the investors for allocation of lands in specific areas. Places like Visakhapatnam, Tirupati, owing to the proximity to sea are in demand for export oriented manufacturing units and the like.
“Creation of land bank and identifying land for industrial clusters or warehousing are some of the issues that the State is yet to make some headway to meet the demands of the prospective investors,” said the official. In attracting FDI, Andhra Pradesh stands second after Gujarat in attracting investments from China.
