Ratan Tata Innovation Hub to Be Set Up in Amaravati
Andhra Pradesh Chief Minister N. Chandrababu Naidu announced that a Ratan Tata Innovation Hub will be established in Amaravati during the review meeting recently held for industrial development, micro, small and medium enterprises, and food processing. Speaking on this occasion, he said, "I want employment to be generated from my government".
Naidu said the state requires industrial policies that strengthen the 'Speed of Doing Business' to attract more investments. He said a much stronger approach is needed for policy on private industrial parks and confirmed three other policies would come up before the Cabinet in the next meeting.
In the meeting, he assured to scan the policies on industrial development very closely and share his observations with officers. He said that the innovation hub named after the legendary industrialist Ratan Tata, who recently passed away, will become a skill development centre, starting hub, and innovation platform.
We are setting up five such hubs in various places across the state, where each hub will be mentored by a big company, Naidu said, adding that he was confident of these innovation hubs doing significant good to the industrial sector in Andhra Pradesh, which would be reiterating the government's intent of business-friendly environment and attracting more investors.
The administration is actively working to ensure that substantial investments take place in the state, while new policies are also being developed to foster a conducive industrial environment. He said that under the new policies, investors investing in the state will be made eligible for incentives once invested.
Draft policies indicate that the first 200 interested companies to start operations with commercial production will obtain extra incentives. The business enterprises also gain an incentive of 10% on top of the initial percent if they can create more jobs.
The state government has evolved a new approach towards offering industrial incentives under an escrow account system, which would help to support industrial growth and create better employment opportunities, he said. "These crucial decisions will spur speedy creation of jobs. Officials must conduct an elaborate study on the viability and the processes necessary for it", he suggested.
The Chief Minister said the MSME policy should concentrate more on the 'One Family-One Industrialist' idea that encourages individual entrepreneurship.
Programs that would enhance the food processing industry, especially in aquaculture and poultry, were also covered in the conference. Resolution on incentive grant to women entrepreneurs in MSME and food processing industries, which encourage women participation in industrialization, by providing an additional five percent incentive was made.
However, Naidu said that it would be only after assessment that the matters relating to industrial policy would be placed before the Cabinet for final approval. The officials included Ministers Kondapalli Srinivas and TG Bharat, besides representatives of relevant departments. This reflects a collaborative effort to achieve the vision that the government has set for industrial development in Andhra Pradesh.
Coupled with effective and ready policies, the Ratan Tata Innovation Hub will be able to position the state on the map as a leader for the country in innovation and industrial growth.
