Naidu goes Singapore way for investments mobilization!

Impressed by the functioning of Singapore Economic Development Board, Andhra Pradesh Chief Minister Chandrababu Naidu had decided to set up a similar entity in the state which will act as a single window source for all investments and resource mobilization.

The AP Economic Development Board will be disbanding all the existing entities Infrastructure Corporation (Incap), Public Private Partnership (PPP) cell, AP Invest and the state planning board. According to the reports with the government, between August 1991 and March 2014, Andhra Pradesh received investment proposals worth Rs 8.96 lakh crore, of which only 4.67% (Rs. 41,860 crore) were actually implemented.

AP Economic Development Board will try to minimize the gap between the proposals and their implementation. The board will have an institutional framework for effective tracking and interventions during the execution phases of all investment proposals and make sure they do not get derailed at some stage. The board will be directly reporting to the cabinet.