Industrial Incentives to Escrow Accounts from December - CM Chandrababu

Chief Minister N. Chandrababu Naidu has directed officials to take steps to credit industrial incentives into escrow accounts from December this year. The decision was taken at the 20th State Investment Promotion Board (SIPB) meeting held in Amaravati under his chairmanship. He said incentives are essential to attract industries but should be provided in line with the state’s financial capacity. He also called for industrial projects to be planned in rural areas to promote balanced development. The SIPB approved investment proposals worth ₹2,08,406 crore for 25 projects across industries, energy, IT, electronics and food processing, which are expected to create 21,627 direct jobs.

Officials said that approvals have been given for 363 proposals involving investments worth ₹13.78 lakh crore through the 20 SIPB meetings held so far. These projects are expected to generate employment for around 10.86 lakh people. Chandrababu called for greater focus on emerging sectors such as green ammonia, lithium batteries and robotics. He also directed officials to create awareness about industrial projects, address misconceptions surrounding data centres and continuously monitor industrial development across the state.