Visakhapatnam, Jan 12 (IANS): Andhra Pradesh is well positioned to become India's growth engine by growing at a rate of around 14-15 percent in the coming years, union Minister of State for Finance Jayant Sinha said on Monday.

"I am sure that Andhra Pradesh will become the economic engine for India certainly with the GDP growth rate at 14 or 15 percent. We at the Centre are determined to help and support you in every possible way," Mr Sinha said in his address at the Confederation of Indian Industry's annual partnership summit here.

He noted that the state was only second to Gujarat in the ease of doing business rankings.

Inviting investors present at the meet to invest in defence, petroleum refining and electronics sector, Sinha said these industries are going to flourish in Andhra Pradesh and the future lies in the state as its proposed new capital city will show the way to smart urbanisation and promote entrepreneurship.

Following Hyderabad city becoming part of Telangana post the Andhra Pradesh bifurcation in 2014, the latter has embarked on developing its new capital at Amaravati.