Andhra Pradesh Plans Investor Protection Act

Andhra Pradesh Chief Minister N. Chandrababu Naidu said on November 12 that his government was preparing an Investment Protection Act and urged the Union government to pursue similar legislation nationwide. The state bill would be sent to the Centre after passage in the Assembly, he said at the 31st CII Partnership Summit in Visakhapatnam. It has not yet been enacted.

Naidu said the proposed law was intended to protect investors from changes in government and what he described as political vendetta. He asked Union Commerce and Industry Minister Piyush Goyal, who was attending the summit, to take up the proposal with the Centre. Naidu said a national law could give investors greater security and encourage investment in India.

The state Industries Department had prepared a concept note for circulation and planned to seek stakeholder feedback, according to a report citing department sources. The bill was expected to be introduced in the state Legislature in the coming months. Its provisions and final legislative text have not been established.

Naidu also outlined investment proposals announced at the summit. He said 303 memoranda of understanding, involving proposed investments of...