CM for Rs 100-cr arrears clearance before new policy

Andhra Pradesh chief minister K Rosaiah on Friday directed the finance department to immediately pay the total arrears towards incentives to investors and industrialists before the new industrial policy is announced.

The total arrears against the incentives towards power, value-added tax etc work out to Rs 100 crore.

"Hereafter, there should be a clear-cut procedure for reimbursement of the incentives. The entire system should be streamlined and the investors and industrialists should get their due incentives on time and there should be no complaint in this regard.

"The reimbursement of incentives declared should be time-bound," Rosaiah said in a press release on Friday.

Expressing satisfaction on the details of the draft industrial policy for 2010-15, the chief minister said the new policy will be discussed and ratified by the state Cabinet on June 18.

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