Assocham wants AP to set up nodal agency for investment issues
Saturday, 07 Nov 2009
The Associated Chambers of Commerce and Industry of India wants the Andhra Pradesh government to set up a special nodal agency with powers to settle the issues affecting investment projects.
Assocham stated that more than 42% of 1,517 projects in the state involving an investment of INR 692721 crore were still in an announcement stage. The first quarter of 2009-10 saw completion of 18 investment projects involving an amount of INR 38352 crore which account for a mere 5.5% of the ongoing investment.
Assocham stated that “At this rate it will take at least five years before the fruits of these investments are available to the public adding that it was essential to fix a definite time line for achieving financial closure and operationalise the proposed projects.”
Releasing a paper on Assocham Roadmap - Double Digit Growth in AP, Ms Swati A Piramal president of the association said the state government should recognize food processing and agriculture as high technology industry and extend necessary reliefs to this sector.
Assocham also suggested that the state government take steps for the execution of the INR 1590 crore Machilipatnam port modernization project, linking the port with an eight-lane highway, setting up an inland container depot near Hyderabad, execution of the INR 16,800 crore Vadarevu Nizampatnam industrial corridor and revival of state finance institutes for funding small and medium enterprises.
On its part, Piramal said that ASSOCHAM would hold an investmart in the state early next year with the twin objectives of doubling the inflow of new investments and help sort out various issues coming in the way of execution of ongoing projects.
Assocham also intends to prepare a detailed framework for propelling the state economy into a higher sphere of growth. Next month, it will be bring to the state the representatives of six South Asian countries for promoting trade and industry.
