'Will compete with states, but...': At Davos, Andhra Minister Nara Lokesh pitches 'Speed of Doing Business'

Andhra Pradesh HRD Minister Nara Lokesh on Wednesday said that his government will compete with other states in terms of attracting foreign investments, but its benchmark is Singapore and UAE. "We are going to compete with other states, no questions about it. We're going to compete with the speed of doing business but my benchmark is Singapore," Lokesh said in an exclusive conversation with Business Today Editor Siddharth Zarabi.  

"My benchmark is what UAE does, the speed at which they are able to execute projects. And that's what we really want to replicate and beat them, and that's where as a nation we can really leapfrog," the minister said when asked about his pitch to investors who might face concerns over the local language in Karnataka.  

Telangana and Andhra Pradesh have always provided an amazing environment for investors to come and invest because we have a very entrepreneurial mindset, Lokesh added. "As the Telugu community, we are very unique. We have the ability to adapt and find opportunities. As a state and as a government, we're welcoming."  

Besides Ease of Doing Business, Lokesh talked about the importance of 'Speed of Doing Business'. "If the business plan shifts by six months, the entire case goes for a toss. The interest rates kill the business. So that's where speed of doing business is important, and that's where you know governments like Andhra Pradesh can play a very, very important role," he said.  

The TDP leader suggested that the pace of project execution in Andhra under his government has been unparalleled. Highlighting his government's swift progress, Lokesh said: "Look at the last 7 months, the pace at which we've been able to close ground projects—no other state has been able to do that. And this is what the first seven months of the new government coming in. Now imagine, if we had 3 years, our pace would be very different. So today what's happening is the scale and just the sheer amount that's getting invested is substantive—it's at Rs 10,000-Rs 15,000 crore."  

When asked about his vision for Andhra, the minister, who is in Davos for the annual World Economic Forum Summit, where global leaders in business and politics converge to discuss economic strategies, said: "The Prime Minister has Viksit Bharat vision for the country. We have created our own vision where Andhra Pradesh should be a $2.4 trillion economy by 2047. We'll have one of the highest per capita incomes in India. Being now one among the lowest in South India. So this means I need to drive all sectors. It's going to be renewable energy, green hydrogen, agri, defense, drone, IT, pharma, and medical devices manufacturing. We are here to open up all the sectors."  

Lokesh said that Andhra has readily available assets like land, power, water, and roads. "We're asking industries to come and work with us. I'm the HRD minister. I'm saying you come, create the curriculum. You tell us what we need. You certify and we'll deliver on it. So in government universities and ITIs we are now working with the industry very closely, and that can be a competitive edge for Andhra Pradesh."