AMARAVATI: Andhra Pradesh Minister for Industries Mekapati Goutam Reddy has unveiled state's new Industrial Development Policy 2020-23. The policy was unveiled at the APIIC office in Mangalagiri on Monday, August 10. The policy aims at the holistic development of all areas including Industrial, commercial and economic activities. The policy includes steps that are being taken up by the state government to boost industrial growth post the impact of COVID-19.
Speaking on the occasion, the minister said that the new policy encapsulates Chief Minister YS Jagan Mohan Reddy's vision and ideas. He said that this new industrial policy involves people and entrepreneurs and aims at the holistic development of all regions. Goutham Reddy assured that this new policy will ensure that none of the investors incurs losses in their business.
The minister said that special subsidies will be provided to SC, ST, BC and minority women entrepreneurs through this policy. Besides, the new policy will be of great help to micro and small enterprises (MSMEs) and special focus will be laid on transparency and infrastructural design.
Priority will be given to investments in key sectors including pharma, textile, automobile, electronics and petrochemicals, said Goutam Reddy. He even said that there would be additional subsidies in line with investment proposals for mega projects.