Telugu NRIs keen to invest in Andhra

George Iype in Hyderabad | January 09, 2006 14:46 IST

Veda Reddy, who runs a restaurant in New Jersey, wants to set up a resort in Adilabad in Andhra Pradesh. She is ready to put in an initial investment Rs 5 crore for establishing the tourism project in the town she hails from.

Similarly, Sri Shiva, president of Indo-American Finances from New York, is eager to to set up a textile mill of 100 looms with an investment of Rs 200 crore at Vadlamudi in Guntur district.

Reddy and Shiva are just two examples of a large number of non resident Indians from Andhra Pradesh who have approached the state government with proposals to invest in various projects in the state of their origin.

We are thrilled at the number of investment proposals that we are receiving from NRIs," said C S Rao, chief executive officer, AP Invest, the new department that the state government has created for screening investment proposals.

He told rediff.com that overseas Indians have offered to set up several projects including a five star hotel near the upcoming Hyderabad International Airport.

"We hope the large number of Telugu NRIs in various countries particularly the US, is becoming a strong point for faster growth of Andhra Pradesh," Rao pointed out.

The ongoing Pravasi Bharatiya Divas has been an occasion for NRIs of Andhra Pradesh origin to assess whether the state is the ideal destination for investment.

"I think Andhra Pradesh, like other states is in a resurgent mood. So I am ready to put in my money here. It will connect me and my family with my state forever," says Veda Reddy.

Reddy met with key officials at the PBD venue in Hyderabad with her resort proposal. "The officials have been very pro-active and have extended all help. I am happy that the bureaucrats in India have changed a lot, along with the country," she commented.

K Krishna Rao, a Telugu NRI from Australia said he wants to invest in irrigation projects in Cuddapah district, where he hails from. "Because the district is suffering from scarcity of water, I am ready to create world standard irrigation projects in Andhra Pradesh," Rao said.

AP government's Principal Secretary, Industries, Lakshmi Parthasarathy said the state wants to showcase to the NRIs the huge investment potential in ports, information and technology, tourism, roads and agriculture sectors.

"NRIs are keen to come to our state and invest and live here because Andhra Pradesh provides a cosmopolitan environment with good quality of life," Parthasarathy told rediff.com.

Courtesy: Rediff