HYDERABAD, June 1: The Andhra Pradesh government today decided to constitute an Economic Development Board (EDP) to promote investments and boost economic growth in the state.
A decision to this effect was taken at a meeting of the state cabinet chaired by Chief Minister N. Chandrababu Naidu.
Describing the initiative as a first-of-its-kind in the country, state Information Minister Palle Raghunatha Reddy told reporters that the EDP aims at attracting about Rs 2 lakh crore investment into the state in the next five years.
Similar boards exist in countries like Japan and China, he said.
The Board aims at promoting growth rate by 10-12 percent every year.
"The Board hopes to raise the state's economy from the present $80 billion investments to $2 trillion in the next 30 years," Reddy said.
The Board would be headed by the Chief Minister along with state ministers, Chief Secretary and noted economists as its members.
There will be a secretariat attached to the Board which would be based in the state headquarters.
