Andhra Pradesh is launching an ambitious initiative to become a maritime powerhouse, unveiling a comprehensive shipbuilding and allied industries policy aimed at attracting significant private investments in advanced manufacturing. This announcement, made in the State Assembly, showcases the government’s commitment to creating a diverse industrial ecosystem that can drive sustainable growth and generate large-scale employment.
The newly introduced Andhra Pradesh Maritime Policy is designed to position the state as a key hub for shipbuilding, repair, and shipbreaking. The policy offers numerous fiscal incentives, including up to 25% capital subsidies and SGST reimbursements for investors. For the first five ships built in the state, an additional 20% SGST reimbursement is available. Furthermore, production-linked subsidies, exemptions on duties, and long-term land leases aim to streamline the investment process significantly.
In tandem with local efforts, the Union Ministry is working on a shipbuilding cluster in Dugarajapatnam, expected to create around 148,000 jobs. Minister B.C. Janardhan Reddy emphasized the importance of Andhra Pradesh’s strategic coastal location and port infrastructure in achieving this goal. In addition, Garuda Aerospace’s planned ₹250 crore drone facility signals the state’s focus on balancing traditional industries with high-tech sectors, enhancing its appeal as an investment destination.
Related posts:
A.P. Govt in India Seeks Investors for Port Development Amid Privatization Speculation
Visakhapatnam Port Authority Breaks Records in 2024-25 with Major Vessel Handling and Infrastructure Upgrades
Adani Krishnapatnam Port Celebrates 62nd National Maritime Day with Focus on Youth and Sustainable Growth
India’s Major Shipbuilding Initiatives in Gujarat, Tamil Nadu, and Andhra Pradesh
