Andhra Pradesh Chief Minister N Chandrababu Naidu announced during the review meeting on state policies focused on industrial development, MSMEs, and food processing that the government of Andhra Pradesh has decided to set up a Ratan Tata Innovation Hub in Amaravati.

The chief minister in his address mainly concentrated on orienting the industrial policies for improving the 'Speed of Doing Business' to bring in more investments. He pinpointed a much better and stronger approach concerning the policy on the private industrial parks and promised that three more policies would be introduced in the next Cabinet meeting itself.

The Chief Minister promised that adequate analysis of the policies developed on industrial development would be shared with officers and published on his website. He said the innovation hub, named after the renowned industrialist Ratan Tata who passed away last week, will be a center for skill development, start-ups, and innovation.

"Such hubs will be put up in five locations across the state, and each hub will be mentored by a major company", Naidu said. He further stated that innovation hubs' establishment would go a long way in developing the industrial sector within Andhra Pradesh, supporting the state's goal of creating a business-friendly climate for the attrition of industrialists.

Naidu's government is zealously working on how to attract huge investment into the state, formulating new policies aimed at creating a conducive atmosphere for industries. He declared that incentives would also be extended to those who commit themselves to investing in the state immediately after the new policies have been effected.

Draft policies add that improved incentives shall be provided to those of the first 200 companies announced with their intention of setting up operations and starting business productions. The business enterprises offering more employment opportunities shall also qualify for an extra incentive of 10%.

The chief minister introduced a new approach to industrial incentives through escrow accounts, believing it would encourage industrial growth and enhance the better prospects of employment more effectively. "These important decisions will help create employment opportunities much faster. Officials should conduct a thorough study on the feasibility and necessary procedures for this initiative", he advised.

Chandrababu Naidu has also opined that the MSME policy should be framed with a 'One Family-One Industrialist' in mind, which underlines the need for cultivating individual entrepreneurship.

All issues connected with developing the food processing sector found consideration during review meetings, like aquaculture and poultry. An added five percent incentive for women entrepreneurs would be offered in both the MSME and the food processing sector to promote inclusiveness and diversity in industrial growth.

However, he stated that any decision related to the industrial sector would be presented to the Cabinet only after proper analysis. The meeting, which included Ministers Kondapalli Srinivas, and TG Bharat along with respective departments' officers revealed that the process would be quite collaborative in deriving the government's vision for industrial development in Andhra Pradesh.

The Ratan Tata Innovation Hub shall be set up; supportive policies introduced, and Andhra Pradesh hopes to take the lead in the country's innovation and industrial growth.