Investments begin to flow into state
ZAHEERABAD: After a lull, industrial investment flow into the state seems to be picking up once again.
Automobile major Mahindra & Mahindra Ltd (M&M), which recently committed about Rs 300 crore investment in its tractor manufacturing facility in Zaheerabad, now intends to explore a partnership with the state government for the upcoming National Investment Manufacturing Zone, while biggies like Procter & Gamble and Johnson & Johnson have announced projects aggregating to Rs 1,000 crore.
'We are an industry-friendly state and will provide prospective investors with all the support required. I do agree there's a power shortage but that's only temporary. If we have a good monsoon, we should be able to overcome the power crisis by July or August,' said chief minister Kiran Kumar Reddy.
Addressing the gathering at the inaugural of M&M's tractor manufacturing facility here, Reddy said the state offers a conducive environment and skilled talent.
'We are training our youth so as to make skilled talent available to industry. In last year's budget, we earmarked about Rs 777 crore towards skill development, while the Union government in its recent budget allocated about Rs 1,000 crore for the same purpose this year. This shows the kind of committment we have towards enriching our youth,' he explained.
Anand Mahindra, chairman and managing director of M&M, said the company will consider parterning with the state government for the National Investment Manufacturing Zone proposed by the central government.
There are two such zones coming up in AP, one each in Chittoor and Zaheerabad. He also added that the company will also set up a training centre in the state so as to train local youth and make them industry-ready.
According to major industries minister J Geeta Reddy industry contributes about 25 per cent to the gross state domestic product (GSDP).
News Posted: 7 March, 2013
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