According to Chief Minister YS Jaganmohan Reddy, Andhra Pradesh boasts the quickest rate of economic growth in all of India and has ranked first in terms of business-friendly conditions for the past three years.
Kadapa: According to Chief Minister YS Jaganmohan Reddy, Andhra Pradesh boasts the nation’s highest rate of economic growth and has ranked first in ease of doing business for the previous three years.
After conducting Bhoomi Puja for the Rs. 8,800 crore steel factory with Sajjan Jindal, chairman of the JSW Group, at Sunnapurallapalle in the nearby Jammalamadugu mandal, he addressed the crowd and expressed sorrow that he could not bring more people for the event, which was a dream of the locals.
The late YS Rajasekhara Reddy had a desire of developing the area, but after his passing, no one seemed to care, according to him.
To build the steel mill, JSW Steel Ltd. would invest Rs 8,800 crore across two phases. The business will invest Rs 3,300 crore in the initial phase, and the first year will see the production of one million tonnes of steel.
In the second year, this will be increased to two million tonnes, and then in the following years, it will reach three million tonnes.
The Chief Minister stated that the first phase of the steel mill will be finished in 30 months and that Rs. 700 crore was being used to build infrastructure amenities.
With the construction of the steel mill, other auxiliary businesses would also emerge, providing local educated kids with gainful employment as 75% of the positions would go to them, he said.
