Finance Minister Yanamala Ramakrishnudu has laid thrust on promotion of Micro, Small and Medium Enterprises (MSMEs) within the industries sector with focus on employment-intensive sectors such as food processing, apparel, basic electronics and tourism and converting the slew of MoUs signed in the last four-and-a-half years.
In his vote-on-account budget speech in the Assembly on Tuesday, Mr. Ramakrishnudu said MoUs for the establishment of 2,633 projects worth ₹15.77 lakh crore were signed recently with an employment potential of more than 33.30 lakhs. The rate of conversion of the MoUs was one of the highest in the country at 40% in terms of investment.
A total of 820 large and mega projects had already gone into production with a committed investment of ₹1.82 lakh crore and employment of 2.80 lakhs. Further, 1,211 projects with a committed investment of ₹5.27 lakh crore and employment potential of 7.66 lakhs are in various stages beyond civil works.
Petrochemical complex
The government is facilitating the establishment of a petrochemical complex by Haldia Petrochemicals Limited with an investment of ₹62,714 crore in East Godavari. Thirty-one MSME parks are being set up in the Assembly constituencies.
Mr. Ramakrishnudu said the government was setting up two electronics manufacturing clusters around Tirupati and is striving to make Tirupati the Silicon City of India. An MoU was signed with the Adani Group for setting up a data centre in Visakhapatnam with an investment of ₹70,000 crore.
Of the overall cost of construction of Amaravati of ₹1,09,023 crore, Phase I is estimated to cost ₹51,687 crore of which construction works of ₹39,875 crore are under execution. It has been targeted to complete the construction of the integrated Secretariat and HoD buildings comprising five towers by October 2020.
Renewable energy
The government finished construction of nearly 25,000 km of internal roads and another 8,000 km are in progress. Investments worth ₹ 36,604 crore with an job potential of 13,000 are in the offing in the renewable energy sector, predominantly in Rayalaseema region.
The installed power capacity had doubled during the last four-and- half-a- years from 9,529 MW to 19,680 MW. By 2025, the government aimed at making four non-major ports —Bhavanapadu, Kakinada, Machilipatnam and Ramayapatnam — operational.