Andhra plans scheme to revive sick industries

Our Bureau

Hyderabad, June 3: As part of its programme to revive the ailing small scale industrial sector in the state, the Andhra Pradesh government is planning to introduce Andhra Pradesh Small Scale Industry Revival Scheme. According to official sources, an order to this effect is likely to be issued by the government in a week’s time.

Speaking at a meet on the investment scenario in Andhra Pradesh, Mr T Gopala Rao, IAS, principal secretary, industries and commerce department said that the state was the first to take an initiative for bringing out a revival scheme for sick industries.

A committee will be formed and guidelines are likely to be finalised in a week’s time, he says. Though there is a move to amend Sica Act, this scheme will aid those companies which have not been referred to the Board for Industrial and Financial Reconstruction, he added. Highlighting the MoUs signed during the CII-Partnership Summit, he said the total investments to tourism, IT and urban development sectors have crossed Rs 22 crore. To call itself an industry-friendly state, AP has ranked first in foreign industrial investment with Rs 56,966 crore and fourth in total industrial investment with Rs 1,54,129 crore.

Out of 138 fast-track projects signed during the summit, 53 projects are in the pipeline, he added. The state has also appointed 30 senior officers to monitor the FDI approvals in a time-bound manner and, if needed, pursue talks with FIIs for financial assistance, the official said.

Nearly 14 projects were put on hold, 36 projects were dropped, 16 projects were completed and 72 projects were under implementation, Mr Rao added.