TG Charts Rapid MSME Growth Plan With Rs 4k Cr

Promoting MSMEs is very important to create employment opportunities besides generating wealth for the State. We have announced the new MSME Policy to achieve the twin objectives of generating jobs and wealth. Industrial sector will play key role in Telangana’s quest for achieving $1-trn economy - A Revanth Reddy, CM, Telangana

Hyderabad: The Telangana government has charted a six-pronged strategy with an outlay of Rs4,000 crore to put the State’s MSME sector on a rapid growth path that will see the establishment of over 25,000 new Micro Small and Medium Enterprises (MSMEs) over the next five years.

These plans are part of Telangana’s maiden MSME policy that Chief Minister Anumula Revanth Reddy unveiled here on Wednesday. Under the policy, the State government has identified six trust areas for improvement, which included improving availability, accessibility and affordability of land, facilitating access to finance, ensuring easy access to raw materials, improving flexibility in labour markets, encouraging adoption of technology and enhancing access to markets.

“Promoting MSMEs is very important to create employment opportunities besides generating wealth for the State. We have announced the new MSME Policy to achieve the twin objectives of generating jobs and wealth. Industrial sector will play a key role in Telangana’s quest for achieving a $1 trillion economy,” Revanth Reddy said after releasing the 36-page Telangana MSME Policy 2024. The Chief Minister appreciated the efforts of Industries Minister Duddilla Sridhar Babu in bringing out the new policy.

“He is the brain behind introducing the new policy. Sridhar Babu’s efforts are commendable. Without a policy document, no State will develop. That is the reason why we have announced the new policy,” he said. He assured the MSME entrepreneurs that pending incentives would be cleared in phases.

As per the policy document, the Telangana government will develop 10 new industrial parks between Outer Ring Road (ORR) and Regional Ring Road (RRR). Of these, five will be earmarked for MSMEs, one each for women entrepreneurs and startups. Over the next five years, the government also aims at attracting 25,000 new MSMEs.

“The government proposes to dedicate Rs4,000 crore over the next five years to build inclusive businesses and usher in the era of industry 4.0,” the document said.

The policy will also facilitate self-help groups (SHGs) to transition to MSMEs by providing end to end support structures besides strengthening the state as a leading exporter in the country with an emphasis on import substitution. “Govt will construct flatted factories with in-built facilities for women entrepreneurs across 119 constituencies. This will encourage members of SHGs to set up small businesses,” said Industries Minister Sridhar Babu.

He further said that his government would soon bring out a public procurement policy with preferential procurement from MSMEs, particularly from SC/ST and women entrepreneurs.

The Industries Department will, within three months of notification of the procurement policy, create a mechanism to monitor the implementation of the preferential procurement scheme, he further said. A task force will be set up for the development of the MSME sector in the State, he added.

Dr G Malsur, Director of Industries, Telangana, said: “We worked on the much-awaited new policy for over four months and interacted with industry bodies, industrialists, pressure groups and other stakeholders before bringing out the new policy which will definitely fuel growth of the MSME sector in the State”.

Bhatti Vikramarka Mallu, Deputy Chief Minister, Telangana, representatives from 22 associations and others took part in the launch event.

Will continue good initiatives of previous govts: CM Revanth

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