Pinning high hopes on the new industrial policy for which the YSR Congress Party government has launched an exercise, entrepreneurs from the city have pleaded for a slew of incentives to bring more industries to the State.
Alleging that Visakhapatnam, the largest industrial and commercial hub of the State could not get many industries as promised during the past five years, blaming it on the ‘gap between the announcements and implementation.’
Prominent entrepreneurs from the city told The Hindu that going by the precarious financial position of the State and the failure to ground many of the MoUs signed during the three editions of CII Partnership Summit, the new government should make it a point to give time-bound benefits to investors.
“The new industrial policy should offer incentives such as waiver of land conversion charge and plan approval charges instead of doling out subsidies in various forms. On the line of income tax holiday being offered to certain category of industries, the government must announce total or at least 50% discount on property tax,” said AP Chambers of Commerce and Industry Federation president G. Sambasiva Rao.
Logistics sector
More jobs can be created if logistics is given the industry status. Under port-led development and e-commerce, power rebate should be extended to those investing in the logistics sector. The Centre has already accorded infrastructure status to the sector, he said.
Symbiosys Technologies CEO Naresh Kumar said the grounding of proposed industries remained low in the past as the investments envisaged after signing the MoUs worth ₹10 lakh crore in three partnership summits had failed to take off.
“Rhetoric-centric policies are not successful in attracting investments. In a highly competitive environment where other States are trying to rope in investors, Andhra Pradesh government should offer pro-active incentives to accelerate investments in industry, tourism, logistics, infrastructure and IT sectors,” he observed.
Investors’ confidence
Member of Vizagapatam Chamber of Commerce and Industry A.V. Monish Row said: “Investors’ confidence is the key to new business. This will spur a cycle which is vital for the growth of any economy. Andhra Pradesh must address this issue and take the honest views of stake holders while framing policies.”