Ratan Tata Innovation Hub in Amaravathi Soon: CM Naidu

Vijayawada: The state government is planning to establish a Ratan Tata Innovation Hub in Amaravati capital city, with a view to enhancing industrial development, Chief Minister Nara Chandrababu Naidu has said.

Naidu held a review meeting on Monday on the policies being adopted by the government for industrial development, MSME and food processing. “Generating employment is the top priority of the state government. Industrial policies should be in accordance with this and should pave the way for Speed of Doing Business by attracting investments,” he said.

Naidu felt that more study is needed on the policy on private industrial parks. This would be discussed by the state cabinet at its next meeting.

He said, "We should function as an investor- friendly government. Officials must keep this in mind."

The meeting decided to extend subsidies to those who come to invest in the state after the new policies come into effect.

The draft industrial policy said the first 200 companies coming forward to submit their consent of establishment and date of commercial production may be provided with more incentives. Units that provide more employment opportunities will be given an additional 10 per cent incentive.

The chief minister said the government is thinking of a novel way of providing industrial incentives through escrow accounts. This, he felt, would help provide more encouragement for industrial growth in the state and better employment opportunities.

"The MSME policy should focus on the concept of 'One Family-One Industrialist', he said.

The review meeting discussed the steps to be taken to achieve results in the food processing sector, as in aqua and poultry sectors.

The meeting cleared the proposal to provide an additional five per cent incentive to women entrepreneurs in MSME and food processing sectors.

The CM said the policy will be discussed in detail at the cabinet meeting after a detailed study of its various aspects. Ministers Kondapalli Srinivas and TG Bharat, along with officials were present.