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Andhra Pradesh to be state partner for YES Bank & ET Global Business Summit

MUMBAI: Andhra Pradesh (AP) will be the official state partner of the YES Bank and The Economic Times Global Business Summit that will be held on March 27-28, 2017 in New Delhi. Over the two-day conference, a clutch of high-profile global and Indian leaders will examine pressing political and economic issues for the country and explore what they mean for business.

Prime Minister Narendra Modi will be the chief guest at the prestigious event. He will address the summit on March 27.

After its bifurcation, Andhra Pradesh has made big ticket announcements to attract investment and spur growth.

Chief minister N Chandrababu Naidu has a stated mission of making AP a model state and under his leadership the government aims to achieve a developed state status by 2029.

“Andhra Pradesh has emerged as one of the top investment destinations in India over the past three years through its focus on specific areas such as improving ease of doing business, where we are ranked number one in India, implementing large scale e-governance initiatives and sector-specific policies. I strive to make the sunrise state, the destination of a happy and globally competitive society, empowered with technology, enhanced sustenance and assured development, with real time governance,” said N. Chandrababu Naidu, chief minister, Andhra Pradesh.

Andhra Pradesh grew at 10.99% in FY15-16, which is higher than the average growth rate of India.

Last year, in a bid to attract global investors, Andhra Pradesh hosted a series of roadshows in Guiyang (China), New York, Munich, London and Tokyo.

Incidentally, AP has been rated as the top state in the country for ease of doing business by World Bank and Govt. of India, moving to the top from 2nd position the previous year.

In a first, all approvals for business are routed through a single portal and clearances are guaranteed within 21 days.

Since 2014, Andhra Pradesh has been on a major infrastructure expansion drive. It is investing $200 billion to emerge as a logistics hub apart from investing $7 billion on road infrastructure. The state plans to build 8 new deep-draft ports by 2029, develop 6 new airports by 2020, and construct 45,000 km of roads in next 2 years.

For the AP government, Amravati, the new capital city will be a showcase of its ambition. “The new capital will be one of the most beautiful state capital in the country. Forty per cent of the capital will be blue-green and we are building a truly smart city using latest technology,” said J Krishna Kishore, Andhra Pradesh Economic Development Board.

Since the state is positioning itself as a destination for knowledge industry, the government is also scaling up its educational base. Tie-ups with leading universities like Cambridge University and Iowa State University are in place for setting up an innovation center and agriculture clusters, respectively.

The state produces 1.6 lakh engineers, 46,500 management graduates, and 12,000 pharma graduates every year. To make the raw talent employable, AP has set up a skill development council that will actively work with industry to upskill fresh graduates.

And businesses are taking notice. In a recent investment event, Amravati’s Capital Region Development Authority (CRDA) signed 65 memorandum of understanding (MoUs) for investments amounting to Rs 1.4 lakh crore that will ultimately lead to creation of 2.01 lakh jobs.

Assembled at YES Bank and The Economic Times Global Business Summit this year will be a starstudded line-up of speakers, including Andhra Pradesh chief minister N Chandrababu Naidu.