AP Summit boasts 4.25 lakh crores worth MoUs on day-1

The Dollar Business Bureau 

On the very first day of the Sunrise Andhra Pradesh Investment Summit being held in Visakhapatnam, a staggering number of 128 pacts were signed, amounting to Rs. 4.25 lakh crore. This new flood of investment in the state is projected to create job opportunities for 5.5 lakh people, majorly in the sectors of mining and healthcare. 

Some of the big names, which have signed MoUs during the two-day event are Indani Global, Neopharma, Inox Wind, REC, Ceat and NSL Mining. 

The Sunrise state of India, Andhra Pradesh, has been ranked no.1 in 'ease of doing business' by Department of Industrial Policy and Promotion (DIPP) for 2015-16. Arun Jaitley, Minister of Finance, at the CII Partnership Summit, hailed the state for its impressive growth rate and promised support from Centre in its growth ambitions. 

Signalling that AP will continue to show double-digit growth in the coming years, Arun Jaitley said that the state has potential to exceed national growth rate by 5%-6% for at least a few more years. Praising the strong leadership and clear direction of the state, the Finance Minister did not miss the chance to rebuke the UPA government by calling the terms of bifurcation unfair for AP. 

The summit has about 2000 delegates visiting, of which 350 hail from 50 different countries.  

Forecasts for the last day of the investor meet are even more generous, as the event is expected to gain momentum. The state aims to reel in Rs. 5.83 lakh crore in investments via 585 MoUs on the second day, which will lead to employment creation for as many as 1.49 lakh people. 

Under the auspices of Chief Minister Chandrababu Naidu, Amaravati is expected to transmogrify into an urban dream city. The CM's pro-active policies have attracted investment from the world over. Recently, at the World Economic Forum (WEF) in Davos, Stadler, a Swiss rail vehicles manufacturer, grabbed the headlines with its proposal to build a unit in AP. Such robust momentum in the investment climate, if continued, can bolster growth and development in the state, and bring its cities at par with other burgeoning metros.