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Why Andhra means glory!Utpal Sen Gupta, Chairman, CII (Andhra Pradesh) speaks...
"Much has been talked about Andhra’s bright prospects. How has a state so ignored become a state most looked up to? What has got the MNCs glued to this south-Indian kingdom? IT, pharma, engineering and... well, capital inflow! "
India’s economy is growing ever-increasingly. With positive indicators like a stable GDP growth, a booming capital market and rapidly expanding FDI inflows, India has emerged as the second fastest growing economy. The economy has been growing at an average rate of 8.8% over the last four fiscal years. Significantly, the industrial and service sectors have been contributing a major part of this growth.
In this dynamic background, Andhra Pradesh, which achieved a phenomenal and a record-breaking growth rate of 10.3% in FY2007-08 deserves special mention. This was for the first time in history that this state achieved a double-digit growth! This is because of the strong performance of all the sectors at the state level. The state’s performance exceeded the national average in every sector, including agriculture, which had stagnated for a long time. The industrial sector grew at 9.8% as against 8.9% at the national level. The service sector grew at 11.5% as against 10.7% at the national level. Another significant indicator – the per capita income - increased by 9.3% as against the national average of 7.5%! Now that is growth from all quarters, and something which does the state and the nation proud!
Well endowed with natural resources, Andhra Pradesh offers several competitive advantages to investors. Being a mineral-rich state, Andhra is ranked second in India and contains a large variety of mineral wealth. In terms of human resource too, Andhra Pradesh is characterised by a large pool of scientific and technically-trained manpower. The state alone has about 226 engineering colleges in which, 30% of the total capacity is allotted to IT. The state also has dedicated institutions for biotechnology, ITeS/BPO and other fields. The State is well-known for some world-class institutions like The Indian Institute of Information Technology, ISB, The Academy for Construction, Centre for Cellular and Molecular Biology, National Institute of Nutrition et al.
Andhra also provides a cosmopolitan environment with good infrastructure and quality of life. It is home to many catalytic manufacturing & service organisations in industries such as IT, bulk drugs & pharmaceuticals, agro-processing, mineral-based industries, gems & jewellery et al. Surely, Andhra is the right choice for business endeavours.
The state also has good global air connectivity and one of the best domestic connectivity. With liberal labour laws, proactive policies, quality power with competitive tariff, large pool of technical manpower, rich mineral resources and specialised industrial parks with SEZ status, it is the preferred destination for investors. Andhra Pradesh is strategically located and is considered as the gateway to East & South-East Asia. Visakhapatnam port in Andhra is the largest port and its cargo handling capacity will be enhanced with the development of ports in the private sector at Gangavaram, Krishnapatnam, Nizampatnam and Kakinada. Another city, Hyderabad, has emerged as the home to several major drug manufacturing companies which are global names.
Andhra Pradesh is the leading state in the country when it comes to e-Governance. The state has the second-largest power generating utility in the country and has also emerged as the best healthcare destination in the country with state-of-the-art hospitals.
All these factors have contributed to making Andhra Pradesh the most investor-friendly and therefore the Best Marketed State in the country.
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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