LNG project to boost AP economy

By SNV Sudhir

Visakhapatnam, June 12, 2014: With state reeling under severe financial crisis, state government is looking for various means to generate revenue and boost state economy. AP chief minister, N Chandrababu Naidu, on Thursday said that industries would boost economy and the long pending LNG project proposed by Petronet would generate revenue for the state government.

 Addressing a press conference, here on Thursday after the maiden state cabinet meeting, Naidu, said, “Industries are need of the hour for both revenue and employment generation. State government would get around Rs 3,000 crs annually if the proposed LNG project by Petronet at Gangavaram Port is grounded. A cabinet sub committee is being appointed to workout modalities for the immediate grounding of the project. It’s been pending since more than 3 years. Besides, revenue from the LNG project, it will also help many gas based industries to come to the state. The project should be completed within 3 years.”

Naidu felt that LNG project will also help in establishing PCPIR planned between Vizag and Kakinada, which was also hanging in limbo since very long.

He further said that, from Visakhapatnam Steel Plantm (VSP) with the present capacity of 4 MT production, state gets revenue of Rs 700 crs in the form of various taxes and if the capacity is further enhanced by 4 MT, state would get Rs 700 crs revenue. He assured all help from the state government for VSP to enhance its production capacity.

“Since the earlier government had done gross injustice to AP during bifurcation, we will ask Centre’s help till the state comes to a level playing field in all sectors,” said Naidu.