Andhra Pradesh's Record-Breaking FDI Boost

Andhra Pradesh's State Investment Promotion Board approved investments of Rs 1.14 lakh crore, including a record Rs 87,000 crore from a Google subsidiary, marking India's largest-ever FDI. The investments span various sectors, promising significant job creation and positioning Visakhapatnam as a major tech hub with a new data center.

The Andhra Pradesh State Investment Promotion Board (SIPB) has approved 30 investments totaling Rs 1.14 lakh crore, including a significant Rs 87,000 crore inflow from a Google subsidiary. This approval is touted as India's 'highest ever FDI', aiming to generate around 67,000 jobs, an official release stated on Wednesday.

Chaired by Chief Minister N Chandrababu Naidu, the 11th SIPB meeting greenlit investments across IT, fuel, tourism, aerospace, and food processing sectors. Among the approved investments, Raiden Infotech India Ltd plans to establish India's largest data center in Visakhapatnam, highlighting the region's growing importance as a technological ecosystem.

The initiative seeks to transform Visakhapatnam into a 'Data Valley', projected to create employment for five lakh individuals. With a strategic focus on economic regions and enhanced infrastructure, the state aims to align its rapid industrial growth, promising an economic boon for regions like Rayalaseema.

(With inputs from agencies.)