New industrial policy will support MSME growth: Sridhar Babu

Hyderabad: The new industry policy in support of MSME growth in Telangana is in the draft stage after having received suggestions from all the stakeholders, and will be tabled in the upcoming Budget session so as to formulate the law, said Telangana IT minister.

Speaking on the sidelines of the launch of Jeh Aerospace in Hyderabad on Monday, Telangana State Information Technology and Industries minister D Sridhar Babu told Bizz Buzz that the new industry policy will support the growth of MSME’s and encourage them to set up enterprises. “We will bring a new policy for MSME’s that will be the best policy ever in the nation. We would like to show it to people and encourage all MSME’s in the times to come. As that is a policy we have to formulate the law after it is tabled in the upcoming Budget Session. The policy initiative has been taken and mostly drafting has also been done,” he confirmed.

While asked about on what grounds the policies are being framed he said, “We would take the good examples of erstwhile government also and implement best practices in the days to come. We do not have ego system to go along and sail with the earlier policies. We are here and we want to achieve as the State is the focus and we want to see the State at the helm of the nation.”

On a query about where does aerospace and defence stand as a priority sector for the government, he said that the policies and objectives of the government has to stand clear which can only happen when entrepreneurs from the sector come forward with suggestions.

“There is a gap between demand and supply which is a main criteria to fill in. So, the policies and objectives of the government have to be open in terms of defence or aerospace. Where there is a gap, we would like to encourage the entrepreneurs who want to come or renowned people in the board of such startups can get the energy move in the right direction.”

Further adding to his stand on aerospace and defence as a priority sector for the government he said that the ecosystem has been built over the last three to four decades owing to the presence of defence labs which were set up in the city. “We see Hyderabad again becoming the capital in aerospace and defence in the times to come as budding entrepreneurs, and startups are keen on developing the State and they would like to partner with us and they would like to have an ecosystem which is very strong.”

Also present during the event, Telangana Principal Secretary of IT, Jayesh Ranjan informed that the IT minister has suggested forming an advisory group for all the sectors of industries. Elaborating on the same, he said, “the advisory group will take inputs from experts, practitioners and the response or inputs to them will be given on timely and proactive basis. We will work to grow this aviation sector under the guidance of the minister. We discussed aerospace strengths of Hyderabad with many companies at Davos. Hyderabad has become an important location today for defence R&D, manufacturing with many MSME’s contributing to the defence ecosystem, and defence labs that we have. We would like to ensure that we collectively build upon the advantage Hyderabad has.”