CII Summit: AP showered with fresh investments of Rs 10 lakh cr
Fresh investments worth Rs 10.54 lakh crore. Over 665
MoUs concluded. Employment generation potential is 22.34 lakh. Top Indian corporate houses and companies from round the globe descend on Andhra Pradesh to set up new manufacturing units.
This was the resounding result of the two-day CII partnership Summit 2017, which concluded in Visakhapatnam on January 28.
Clearly, the event is a game-changer for the State, as it has triggered off a new generation of industrial revolution, which will doubtless add a new glow to the State’s economy.
An elated Chief Minister Mr N Chandrababu Naidu summed it up by saying that this was a record of sorts and the investors from all over the world had reposed tremendous confidence in steps taken by the government to ensure ease of doing of business.
Nearly 2,000 delegates including 350 from 50 countries attended the two-day summit held here for the second time in a row. Eight Central Ministers including Mr Arun Jaitley, Mr Nitin Gadkari, Mr Suresh Prabhu, Mr M. Venkaiah Naidu and Mr P. Ashok Gajapathi Raju participated. Top corporate leaders and industrialists including Mr Kumar Mangalam Birla, Bharat Forge’s Mr Baba Kalyani and Suzlon’s Mr Tulsi Tanti made firm investment commitments.
PSUs pump in big money:
What is significant about the second edition of the summit is that Indian PSUs have literally pounced on the State with investment commitments. All these PSUs, such as ONGC, GAIL, HPCL, National Highways Authority and REC are sitting on huge cash reserves and are all known to stick to their commitments. All they need is a friendly business environment and they got that in Andhra Pradesh.
The three major oil and gas companies—ONGC, HPCL and GAIL—alone have committed to invest Rs 28 lakh crore to set up a LNG terminal, petrochemical plant, power station and a petro-corridor between Vizag and Kakinada.
The National Highway Authority, Vizag Port Trust and Rural Electrification Corporation have also uncorked investments worth Rs 90,000 crore.