The Government of Andhra Pradesh has framed several policies, from time to time, so as to create a conducive environment for attracting investments into the State. The policy documents include various incentives and schemes for the investors. They largely aim at generating employment opportunities, improving the overall quality of life of the people and providing them with basic infrastructural facilities. They unveil a roadmap for bolstering the industrial climate of the State and facilitate the inflow of capital into the economy.
The major being, the Industrial Policy, which has been formulated with a view to enhance industrial growth by clearly spelling out various components of incentives being offered, supply of quality power, improved infrastructure facilities, etc. The policy aims to remove the existing barriers and create hassle-free investment climate. The objectives of the policy are to:-
- Promote Andhra Pradesh as an attractive destination for industrial investments;
- Create enabling environment for ensuring maximum value addition to the abundant locally available resources;
- Enhance quality of life in the State to suit the needs of the investors;
- Develop appropriate entrepreneurial leadership, management and human resource development systems;
- Alleviate regional disparities in economic growth;
- Improve infrastructural facilities;
- Encourage establishment of new tiny and small scale industries particularly in rural areas;
- Generate employment opportunities;
- Withstand global competition, with special emphasis on qualitative competitiveness through technology upgradation and protecting Intellectual Property Rights;
- Develop effective regulatory mechanism for entry and operation of firms;
- Create a market driven environment with private sector being the primary engine for growth;
- Restructure and consolidate the sick industrial units.
Another important policy is the Information and Communications Technology (ICT) Policy, which has been framed to make the State a leading destination for investments in Information & Communications Technology (ICT) and a major player in the information economy. The policy aims to transform the State into a knowledge society and make available the benefits of IT to all the citizens. It leverages ICT for achieving an Info-age (inclusive, networked, fast, open, accountable, globally benchmarked and efficient) Government. The objectives of the policy are to:-
- Build a people-centered, inclusive and development-oriented information society;
- Enable individuals and communities to achieve their full potential in promoting sustainable development and improving their quality of life;
- bridge the digital divide;
- Attain leadership in the information economy by developing local enterprise (business organisation) and by attracting best in class ICT companies and institutions;
- Develop human resources and infrastructural base;
- Provide aftercare services to existing ICT players within the State;
- Create right kind of climate for attracting investments into the State.
Besides, there is a Biotechnology Policy, which aims to develop the biotechnology sector in the State. It aims to leverage the existing strengths of the State for rapid commercialisation of biotechnology so as to produce innovative biotech products and services in a wide range of areas. The objectives of the policy are to:-
- Take up a detailed inventory of the bio-resources in the State with the help of universities, research institutions, NGOs and private agencies;
- Promote conservation of bio-diversity and sustainable exploitation of bio-resources;
- Create a congenial environment for encouraging R and D in biotechnology and allied fields;
- Develop high quality infrastructure with the required support services for manufacturing units by setting up specialized Biotech Parks in various parts of the State;
- Provide special incentives to the biotech industry and related sectors;
- Focus on human resource development in the area;
- Create an enabling environment for the growth of the biotech industry, especially the simplification of procedures for getting clearances, for the commercialisation of new biotech products and for the use of laboratory animals for drug discovery;
- Develop bioinformatics, that is, leveraging the State’s existing strength in Information Technology for the development of biotechnology;
- Facilitate the flow of venture capital funds and bank credit to biotech companies.