AP Expect Rs.5,000 Cr. Investment In Food Processing Industry

02 December, Vijayawada

The Andhra Pradesh government is expecting Rs 5,000 crore investment in the food processing industry by 2020 and generation of 50,000 jobs.

Informing this while addressing at the networking conclave between Japanese and Domestic Food processing industry, organised by the AP Chamber of Commerce, here today, Chief Minister N Chandrababu Naidu said that an investment of Rs 5,000 crore is expected in the food processing industry by 2020 in the state.

If the investment is realized, that would generate 50,000 jobs. The Chief Minister said that during the last one year, 63 food processing units had been established with an investment of Rs 920 crore in the state. Naidu asked Japan-Andhra Pradesh food industrialists to keep the state top in the country in the food processing industry.

A food processing unit would be established in each district in atleast 30 acres of land with minimum. Naidu assured to provide 50 per cent financial assistance for the establishment of unit at a cost of Rs 20 crore and said that as per the new government policy, power supply would be supplied at a cost of Rs.1.50 per unit and also subsidy on interest.

The Chief Minister said that as per the new policy, 25 per cent capital subsidy for the processing units with a limit of Rs 5 crore, would be provided. Net VAT would also be reimbursed on the lines of industrial development policy besides 100 per cent stamp duty would also be reimbursed. In a bid to encourage industry here, he said, 30 per cent road transport charges would be reimbursed with a maximum limit of Rs.5 lakh for three years.