Andhra Pradesh's Investment Leap: Rs 13 Lakh Crore Pledged at CII Summit

At the 30th CII Partnership Summit, Andhra Pradesh secured commitments of Rs 13 lakh crore, projected to create over 16 lakh jobs. The energy sector leads with Rs 5.3 lakh crore. Chief Minister N Chandrababu Naidu highlighted the state's shift to a speedy business culture, aiming for $500 billion investments in five years.

Andhra Pradesh Chief Minister N Chandrababu Naidu announced a landmark achievement during the 30th CII Partnership Summit, with over Rs 13 lakh crore pledged in investments. The commitments are expected to generate more than 16 lakh jobs across the state.

In a press conference, Naidu highlighted that the energy sector received the highest investment pledges of over Rs 5.3 lakh crore, followed by the industrial and infrastructure sectors. The summit resulted in 640 MoUs, attracting a diverse range of investors.

Naidu emphasized the state's commitment to transitioning from ease of doing business to a focus on speed, instilling investor confidence. He announced ambitious targets for further investments and reiterated that former government policies had driven companies to close, but his administration would restore their confidence with escrow facilities and sovereign guarantees.

(With inputs from agencies.)