Metro India News | amaravati

The Andhra Pradesh cabinet has approved investment proposals worth Rs 1 lakh crore, aimed at the state’s development and generating employment for youth. The cabinet approved a Rs 2,200 crore proposal by Visakha Realty Ltd, which aims to develop an IT Park in Visakhapatnam in three phases and has the potential to create 30,000 jobs.

“The cabinet greenlighted a Rs 2,172 crore proposal by Raheja Corp Real Estate, which aims to develop an IT park and a residential complex in a 27-acre plot in Visakhapatnam,” said an official press release late on Monday. The Raheja Corp investment is expected to create 9,681 jobs. Similarly, the Cabinet gave approval for a Rs 23,000 crore proposal by Indichip Semiconductors company to manufacture silicon carbide devices and others at Orvakal Node Industrial Hub in Kurnool, among others.

Further, the government gave sanction to Andhra Pradesh Quantum Computing Policy 2025 – 30 with the ambition to transform the southern state into a global quantum computing hub. As part of this endeavour, Amaravati Quantum Computing Centre (AQCC) will be established and financial incentives will be offered to startups and educational institutions.

With these quantum computing initiatives, the southern state aims to attract USD 1 billion investments, create 5,000 skilled jobs and incubate more than 100 startups, the release added.