VISAKHAPATNAM: Andhra Pradesh aims to become a $2.4 trillion economy by 2047, driven by a set of high-growth sectors including steel, said Nara Lokesh, the state’s minister for human resource development and information technology, electronics and communication.
Under its ‘Swarna Andhra’ programme, the state is targeting a 15% compounded annual growth rate over the next two decades to expand its economy from about $200 billion currently.
“Of the 100 rupees that is getting invested in India, 25.3 rupees comes to Andhra, which is the highest in India,” Lokesh said on Monday.
“People are now talking about Andhra in terms of investments, and we have taken a structured approach to it by forming 22 clusters,” he said, speaking on the sidelines of the foundation stone laying ceremony of AM/NS India’s integrated steel plant at Anakapalli in the state.
The clusters cover sectors such as steel, glass, medical devices, automobiles, renewable energy and electronics manufacturing. The state has about 760 signed projects and is focused on executing them, Lokesh said.
“The world is very clear, they see India as a strategic manufacturing hub. In the global strategy, India fits in well. In that, Andhra Pradesh is moving exceptionally fast,” he said.
He added that N Chandrababu Naidu as a brand is also helping attract investments.
“He opens amazing doors and then the ministers ensure that the deal is done and investments are coming to Andhra.”
Lokesh said the state competes with others across sectors, including steel, information technology and electronics.
“Competition is good, it makes us all sharp and ensures we are not getting complacent.”
Apart from AM/NS India, which is setting up a 17.8 million tonnes integrated steel plant with an investment of about Rs 1.35 lakh crore, the state is also in discussions with other metals players. JSW Steel is also setting up a plant at Rayalaseema in the state.
Under its ‘Swarna Andhra’ programme, the state is targeting a 15% compounded annual growth rate over the next two decades to expand its economy from about $200 billion currently.
“Of the 100 rupees that is getting invested in India, 25.3 rupees comes to Andhra, which is the highest in India,” Lokesh said on Monday.
“People are now talking about Andhra in terms of investments, and we have taken a structured approach to it by forming 22 clusters,” he said, speaking on the sidelines of the foundation stone laying ceremony of AM/NS India’s integrated steel plant at Anakapalli in the state.
The clusters cover sectors such as steel, glass, medical devices, automobiles, renewable energy and electronics manufacturing. The state has about 760 signed projects and is focused on executing them, Lokesh said.
“The world is very clear, they see India as a strategic manufacturing hub. In the global strategy, India fits in well. In that, Andhra Pradesh is moving exceptionally fast,” he said.
He added that N Chandrababu Naidu as a brand is also helping attract investments.
“He opens amazing doors and then the ministers ensure that the deal is done and investments are coming to Andhra.”
Lokesh said the state competes with others across sectors, including steel, information technology and electronics.
“Competition is good, it makes us all sharp and ensures we are not getting complacent.”
Apart from AM/NS India, which is setting up a 17.8 million tonnes integrated steel plant with an investment of about Rs 1.35 lakh crore, the state is also in discussions with other metals players. JSW Steel is also setting up a plant at Rayalaseema in the state.