Amaravati: The Andhra Pradesh government has launched the ‘Innovation and Startup Policy 2024-29’,' with an ambitious target of creating 20,000 startups and generating employment for one lakh people over the next five years.
The policy, released by principal secretary Bhaskar Katamaneni of the IT, Electronics, and Communications (ITE&C) Department on Monday, offers both financial and non-financial support to new seed industries, incubators, and existing startups.
Focus on inclusive growth
The policy prioritises major incentives for women entrepreneurs, Scheduled Castes (SC), Scheduled Tribes (ST), minorities, and persons with disabilities to encourage inclusive growth within the startup ecosystem.
Startup scenario
As of now, Andhra Pradesh houses 6,658 startups, with 1,158 founded by women. Out of these, 2,400 startups are registered with the Department of Promotion of Industry and Internal Trade (DPIIT). Nationally, there are 1.5 lakh startups with an annual growth rate of 120% since 2015, spread across 80% of districts. Given the rising costs in established startup hubs, the policy envisions Visakhapatnam, Kakinada, Vijayawada, Tirupati, Anantapur, and Kurnool as emerging startup cities.
State Incubators and Centers of Excellence
Currently, Andhra Pradesh has 46 incubators, including 9 government-run, 1 private, and the rest managed by private universities and colleges. The state also boasts six Centers of Excellence, including:
* Andhra University: IoT and AI
* Sri Krishna Devaraya University: Rural Innovation
* Ministry of Ports, Kakinada: Maritime Shipping
* Kalpataru STPI, Visakhapatnam: Industry 4.0
* AMTZ: Biotech and Medical Device Manufacturing
20 Lakh Jobs by 2029: Nara Lokesh
Meanwhile, Education and IT Minister Nara Lokesh reiterated the state’s vision to create 20 lakh jobs by 2029. Addressing the second meeting of the cabinet sub-committee on employment at his residence in Undavalli on Monday, Lokesh revealed that agreements signed so far are expected to bring in ₹8.73 lakh crore in investments, generating 5,27,824 jobs.
Officials presented updates on investments, job creation, and MoUs. Lokesh directed that the investment tracker portal be strengthened with comprehensive details on land allocation and permissions. "Systemic reforms should be introduced to fast-track job creation, and national and international companies must be invited to invest in the state," he said.
The meeting was attended by Ministers TG Bharat, Gottipati Ravikumar, P. Narayana, Kondapalli Srinivas, Kollu Ravindra, and senior officials Ajay Jain, Yuvraj, Katamaneni Bhaskar, Praveen Kumar, Saikanth Verma, and Abhishek Kishore.
