TDP politburo member Yanamala Ramakrishnudu has said that the new industrial policy announced by the government was “not reassuring” to revive the ailing and crisis-hit sectors in the State.
In a statement on Tuesday, he said the government had not addressed many important issues in the new policy.
Credit rating
“The falling credit rating of the State will affect the flow of investment. The brand image of A.P. as an investment destination has been damaged beyond repair. Many industries have been badly hit in the last 14 months. The new policy has brought no hope of generating employment,” he said.
The former Finance Minister said that the government had failed to instil confidence even as its policies till now had crippled the construction, manufacturing, real estate, pharma and other major contributors to economy.
“In just 14 months, industrial growth has come down to -2.2 %. The industrial sector has almost collapsed,” he claimed.
Growth in the construction sector was -1.1%, trade and hotels -0.7%, real estate -0.3% and tertiary sector -1.0%. This regressive growth would aggravate further due slowdown triggered by the pandemic. Millions of workers have lost their jobs and a substantial people are working for half salary, he claimed.
“Lakhs of workers have lost job opportunities because of the retrogressive policies. It is unfortunate that even the government employees are not getting full salary. The YSRCP leaders are to blame for it,” he added.
