Hyundai, POSCO, Tsingshan & JSW Steel May Invest in Andhra Pradesh
The Hindu reported that Hyundai Steels, POSCO, Tsingshan Holdings and JSW Steel have evinced interest in setting up their units in Andhra Pradesh. According to the Industries Department officials, Hyundai Steels and POSCO are likely to invest INR 42,000 crore and INR 30,000 crore respectively and the other two INR 12,000 crore each, adding to INR 96,000 crores. The government is in active discussions with them and is expecting that the reforms, which have earned it high Ease-of-Doing Business ranking, will clinch a good number of the deals.
Under the Industrial Development Policy 2020-23, the Andhra Pradesh government is providing tailor-made incentives, including fiscal, for projects generating employment for more than 2,000 people. The land allotment policy has been revamped in order to reduce the upfront cost and curb land hoarding by unscrupulous investors, which is a bane for the genuine ones. Land is now being allotted on lease-plus-buy model. Another significant thing is establishment of YSR APOne, a dedicated cell with a digital interface for the much-needed business facilitation.