Andhra Pradesh (AP) is located in the Southern peninsula of India and has a coast line of 974 km. The state is bound on the North by Odisha and Chhattisgarh, on the West by Maharashtra and Karnataka, on South by Tamil Nadu and on the East by the Bay of Bengal.
The state has well-developed social, physical and industrial infrastructure and virtual connectivity, has good power, airport, IT and port infrastructure.
AP has emerged as a key state for the knowledge-based industry including IT, pharmaceuticals and biotechnology. Over 70 of the 500 top global corporations are present in the state.
With a total of 109 special economic zones (SEZs), the State also witnessed foreign direct investment (FDI) equity inflows worth US$ 7.6 billion during April 2000 to December 2012, according to Department of Industrial Policy & Promotion (DIPP).
The gross state domestic product (GSDP) of AP grew at a compound annual growth rate (CAGR) of 16 per cent between 2004-05 and 2011-12. At current prices, the state’s GSDP was US$ 141 billion in 2011-12. AP’s exports increased at a CAGR of about 22.3 per cent between 2006-07 and 2010-11. Vast natural gas reserves found in the Krishna-Godavari basin have opened up immense possibilities for the state economy.
Moreover, the state offers a wide range of fiscal and policy incentives for businesses under the Industrial Investment Promotion Policy, 2010-2015. Additionally, the state has well drafted sector-specific policies, besides having a large base of skilled, semi-skilled and unskilled labour.
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Disclaimer: This information has been collected through secondary research and NICCT is not responsible for any errors in the same.