Chief Minister Chandrababu Naidu has directed to prepare an action plan to attract investments worth $100 billion in the electronics sector. He asked to implement the Electronics Components Manufacturing Policy 4.O to fulfill the ‘Made in India’ goals.
He reviewed the newly formulated ‘Electronics Components Manufacturing Policy 4.O’ at the Secretariat and discussed the new policy aimed at attracting investments to the electronics industry between 2025-30.
Officials explained to the CM that the new policy has been designed with the aim of reducing imports of electronic equipment, increasing domestic production and exports. He said that electronic circuit boards worth $70 billion were imported into the country last year and there is huge demand in this sector.
Chief Minister Chandrababu said that there are wide opportunities for the production of electronic equipment in places like Sri City, Hindupur and Kopparthi in Rayalaseema. He advised the officials to attract investments to these areas to produce electronic devices.
The CM said that action should be taken to produce electronic devices on a large scale in AP to meet the international demand. He said that creating a brand for the devices produced is key. Along with setting up industries, an eco-system suitable for production should also be set up.
Chandrababu said that this is a positive aspect for AP as there is currently a severe shortage of land in cities like Bangalore and Chennai in this sector. He also suggested taking steps to encourage aspiring entrepreneurs. The CM said that there are wide opportunities for setting up IT companies in the cities of Visakhapatnam, Amaravati and Tirupati.
He said that the arrival of 500 IT companies in these areas will provide job opportunities to more people at once. He said that along with IT and ITES companies in Visakhapatnam, manufacturing industries from Lepakshi to Orvakal can be set up. The CM also suggested setting up co-working spaces in these areas.
