Andhra Pradesh announces new industrial policy

Hyderabad, June 18 :Andhra Pradesh Friday announced a new industrial policy for the next five years, aiming to attract Rs.15,000 crore investment annually and create 500,000 jobs every year.The policy has set a target of 17 percent growth in manufacturing and increased investment subsidy for micro and small enterprises from Rs.15 lakh to Rs.20 lakh. The state cabinet, chaired by Chief Minister K.Rosaiah, approved the policy for 2010-2015, which offers a series of incentives, especially for micro, small and medium enterprises (MSMEs). Information and Public Relations Minister J.Geeta Reddy told reporters that it was the best industrial policy in the country with potential to transform Andhra Pradesh into the top investment destination. The policy, which comes into effect from July 1, focuses on MSMEs and food processing units. It is also aimed at facilitating reduction of regional and sub-sectoral imbalances. The government will promote industries along the gas pipeline laid in the state to take advantage of the availability of natural gas. The policy has also changed the definition of a mega project by enhancing the existing limit of Rs.100 crore investment to Rs.250 crore. "However, any project creating employment for more than 2,000 persons is also proposed for consideration of special package of incentives under mega projects," said a government statement. The policy offers 75 paise reimbursement of power cost for each unit. The present electricity tariff for industry is Rs.3.53 per unit, the lowest compared to other industrially developed states. The government will provide Rs.100 crore every year for promotion of industrial infrastructure for micro and small enterprises. The other highlights of the new policy includes 25 percent of VAT (value added tax) reimbursement for large and medium enterprises, 50 percent VAT reimbursement for small enterprises, 5 percent additional subsidy to women entrepreneurs, 10 percent of plots to women entrepreneurs in the new industrial estates, special incentives for entrepreneurs belonging to scheduled castes and scheduled tribes.
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Assets worth Rupees 1.63 crore seized from APIIC Dy Zonal Manager

Hyderabad, Jun 18 : ACB sleuths today unearthed assets worth Rupees 1.63 crore during simultaneous raids at the office and residence of Andhra Pradesh Industrial Infrastructure Corporation Limited Deputy Zonal Manager (Shamshabad Zone) K Gopal Reddy.The sleuths registered a case of disproportionate assets against the accused after conducting simultaneous searches at different places covering his office and residence at Maruthi Nagar, Kothapet and Hyderabad and unearthed movable and immovable assets possessed by the accused in his name and in the names of his family members worth about Rs 1.63 crore, a release here said. The immovable assets include Two G+2 houses (one each at New Maruthi Nagar and L B Nagar in Hyderabad), one Flat at Saroornagar, Eight house plots in and around Hyderabad city. The official value of these immovable properties is to the tune of Rs 1.33 crore. The searches also unearthed Rs 96,000 in Cash, four gold biscuits and gold ornaments weighing about 887 gm worth about Rs 13 lakh, two kg of silver ornaments worth about Rs 50,000, bank balances of Rs 4.18 lakh, one Ford car worth Rs six lakh, one Maruti car worth Rs 1.50 lakh, one Pulsar Motorcycle worth over Rs 40,000 and household articles worth about Rs 3.20 lakh.The total value of the movable assets was about Rs 29.74 lakh. The total recorded value of movable and immovable assets possessed by the accused was about Rs 1.63 crore though the market value of the assets would be more than Rs five crore. The searches were in progress. The accused was arrested and produced before Principal Special Judge for SPE and ACB Cases, Hyderabad, the release added.
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