The Chief Minister, Mr K. Rosaiah, on Tuesday presented a gloomy picture of the industrial sector in the state.
He said that several companies were shifting proposed projects to other states or deferring investments because of Telangana troubles.
Mr Rosaiah made these observations after the representatives of the Confederation of Indian Industry, the Federation of Andhra Pradesh Chamber of Commerce and Industry, besides captains of top pharma and IT companies met him to express concern at the state of affairs.
According to the CM, Bharat Forge Limited dropped investment proposals in the state and decided to shift to Gujarat. Peugeot, Kaparo, Lakshmi Mittal, Brandix, J.P. Morgan and Stanley, United Health Group and leading pharma ESAI have all deferred investments.
“The image of Hyderabad as an investment destination has taken a beating because of the violence,” he said.
Bulk drug industry alone suffered loss of Rs 500 crore in the past 20 days and the hotel industry suffered losses with reservations dropping by 40 per cent, he said.
Meanwhile, the CM is making a last-minute effort to retain the two-day CII summit which was scheduled to be held on January 21 at Hyderabad but is now being shifted to Chennai.
The Union commerce minister, Mr Anand Sharma, categorically told Mr Rosaiah that the event would be held in the city only if the Union home ministry concurred.
The PM, Dr Manmohan Singh, is scheduled to inaugurate the summit.
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