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Visakhapatnam: MoUs worth Rs 1.15 trillion signed on second day of GIS

Visakhapatnam: As many as 248 memorandums of understanding (MoUs) were signed for investments worth about Rs 1.15 trillion on the second day of Global Investors Summit in Visakhapatnam on Saturday.

Some of them include Eco Steel Rs 849 cr, Blue Star- Rs 890 cr, S2P Solar Systems- Rs 850 cr, GreenLam South Limited- Rs 800 cr, Express Well Resource – Rs 800 cr, Ramco – Rs 750 cr, Kribhco Green Rs 725 cr, Prakash Feros Rs 723 cr, Prathista Business Rs 700 cr, Taj Group- Rs 700 cr, Alliance tyre group – Rs 679 cr, Dalmia Rs 600 cr, Ana Oleo Rs 650 cr, DXN Rs 600 cr, E Pack Durable Rs 550 cr, NAT solutions Rs 500 cr, Accountify Ink Rs 488 cr, Continental food and Beverages Rs 400 cr, North East Infrastructure Rs 400 cr, Atom State Technologies Rs 350 cr, Clarion Services Rs 350 cr and Champion Luxury Resorts Rs 350 cr.

On Friday, Andhra Pradesh Chief Minister YS Jagan Mohan Reddy said that Visakhapatnam will be the executive capital of the state in the days to come. Making the announcement at Global Investors Summit 2023, which began in the port city, he also said that he would also be shortly moving over to Visakhapatnam.

The Chief Minister announced at the investors’ summit that the state has received 340 investment proposals involving an investment of Rs 13 lakh crore and employment to almost 6 lakh people across 20 sectors. On the first day, 92 MoUs will be signed with an investment of 11.5 lakh crore and employment potential for almost 4 lakh people.

Remaining 248 MoUs will be executed on Saturday for an investment of 1.15 lakh crore and employment to 2 lakh people. Jagan Mohan Reddy told the investors that his government was committed to facilitating a business-friendly environment and ensuring sustainable economic development.

“We will facilitate the most conducive business ecosystem. We are only a phone call away for whatever you need,” he said. The Chief Minister stated that Visakhapatnam has emerged as strong economic hub with the presence of multiple public and private sector units, port led infrastructure and a tourist hotspot.

He said Visakhapatnam is a city known not only for industrial strengths but also for its picturesque beauty and serene landscape. He said 2023 will be an important year for India as the country will be hosting the G20 summit with the theme ‘one earth one family one future’. He pointed out that Visakhapatnam will also be hosting one of the important G20 working committee meetings as well.

The Chief Minister this time was categorical that Visakhapatnam will be the executive capital. At the curtain raiser event in Delhi on January 31, he had announced that Visakhapatnam will soon be the state capital.

Subsequently, Finance Minister B. Rajendranath Reddy had stated at another curtain raiser in Bengaluru that the YSRCP government decided on Visakhapatnam as the next capital of Andhra Pradesh. He had reportedly remarked that the state will not have three capitals. This had triggered speculations in political circles that the Jagan Mohan Reddy-led government had given up the plan of three state capitals.

It was on December 17, 2019 that Jagan Mohan Reddy had announced in the state Assembly that three state capitals will be developed reversing the decision of the previous TDP government to develop Amaravati as the state capital. The YSRCP government mooted Visakhapatnam as administrative capital, Kurnool as judicial capital, and Amaravati as legislative capital.

However, the protest by farmers of Amaravati over shifting of the capital and the High Court order directing the government to develop Amaravati as the state capital had delayed the process. On March 3, 2022, the Andhra Pradesh High Court had directed the state government to develop Amaravati as the state capital in six months.

A bench of three judges had pronounced the judgment on 75 petitions filed by Amaravati farmers and others challenging the government’s move on three capitals.

However, the state government filed an appeal in the Supreme Court. In November last year, the Supreme Court stayed the High Court order saying the court cannot act like a town planner or an engineer.