AP too likely to have an Industrial corridor’s act like Maha and Gujarat !!

AP is seriously contemplating bringing in a new Act pertaining to the proposed industrial corridors as per a report in Times Of India. The draft of the proposed legislation will be placed before the state cabinet to be held later this month for clearance. The Act has become necessary for formation of industrial corridors.

The Act moots for an industrial corridor authority, which will serve as a special purpose vehicle to implement the industrial corridor projects. In all probability, the chief minister will head the authority. The state level authority will take up the execution of projects in coordination with Andhra Pradesh Industrial Infrastructure Authority (APIIC) and APTransco. Both the agencies have already floated tenders for work relating to Visakhapatnam-Chennai Industrial corridor. The land required for the Authority will be allotted by APIIC. The authority also will be instrumental in preparing detailed master plans for various projects in the two corridors.

Officials said work on the Visakhapatnam-Chennai corridor will move swiftly as the state had already secured loan from Asian Development Bank (ADB). In addition to this, the Union government will also give its share of funds. “ADB loan of around Rs 2,000 crore will any way be used, but apart from it both state government and Union government will also contribute funds in equal share for infrastructure development,” said a senior official. The state government will bring in its equity in the form of land.

However, the work on Bangalore-Chennai corridor has not yet begun. It covers Krishnapatnam in Nellore and Hindupur in Anantapur districts. Maharashtra and Gujarat have already formulated similar Acts with special investment regions on the lines of special economic zones (SCZ).

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