Andhra to bring in law to protect investors from ‘regime change, vindictive politics’
Andhra Pradesh Minister Nara Lokesh announced that the Telugu Desam Party (TDP)-led government will enact an ‘Investors Protection Act’ to safeguard investors. Speaking at the inaugural session of the 31st Confederation of Indian Industry (CII) Partnership Summit in Visakhapatnam on November 12, Lok
Andhra Pradesh Minister Nara Lokesh announced that the Telugu Desam Party (TDP)-led government will enact an ‘Investors Protection Act’ to safeguard investors. Speaking at the inaugural session of the 31st Confederation of Indian Industry (CII) Partnership Summit in Visakhapatnam on November 12, Lokesh requested Union Minister of Commerce and Industry Piyush Goyal to facilitate clearance from the Union government, and to implement a similar law at the national level.The legislation will reportedly include provisions to ensure that any approvals granted to investors by an administration cannot be revoked when a different party comes into power. Chief Minister N Chandrababu Naidu said that investors coming to the state had many doubts about “regime change” and had suffered because of “vindictive politics.” He said that after introducing the bill in the Assembly, it will be sent to the Union government for approval. The Chief Minister announced that 303 Memoranda of Understanding (MoUs), involving proposed investments of Rs 9.89 lakh crore, would be signed at the summit this year.Including these proposals, Andhra Pradesh has attracted investment proposals worth Rs 32.49 lakh crore since June 2024, he said. Of these, 714 proposals worth Rs 22.60 lakh crore were received before the current summit. Nearly 74% or 526 of these 714 previously proposed projects, involving investments of Rs 17.10 lakh crore, had already received land and incentive approvals, he said. Of these, 303 projects worth investments of Rs 7.30 lakh crore were ready for the construction stage, he added. South Korean automobile manufacturer KIA Motors, which already has a manufacturing facility in Penukonda in Andhra Pradesh, said it was planning to set up another plant with an investment of nearly Rs 17,000 crore. Naidu also announced that a dedicated technology park will be established exclusively for women, with free land and incentives to encourage women entrepreneurs.