Industries Minister Mekapati Gautam Reddy and Andhra Pradesh Industrial Infrastructure Corporation (APIIC) Chairperson RK Roja unveiled new "Industrial Development Policy 20-23" here on Monday.
The event took place at APIIC office in Mangalagiri in Amaravati region.
Speaking on the occasion, Reddy said this new policy envisages all-round and holistic development in the state with the idea of empowerment at the centre.
"Our chief minister has basically asked us to make the policy dynamic rather than being stagnant. So the idea is that we be more adaptable with the conditions for future, especially in the post-COVID era, where predictability is much less certain," the minister said.
"The idea is to make sure certainty is going to be the norm. In future, the focus is going to be adapted," he said.
Under the policy, reimbursement of 100 per cent stamp duty, reimbursement of 100 per cent net SGST for five years and 15 per cent investment subsidy (up to Rs 20 lakhs) will be given to micro & small industries.
For medium, large and mega projects, 100 per cent SGST reimbursement (based on employment for five years) will be given for providing employment above 2,000 persons.
( With inputs from ANI )