Telangana Chief Minister Revanth Reddy Unveils Comprehensive MSME Policy to Propel Telangana’s Economy
Hyderabad: Telangana Chief Minister A. Revanth Reddy introduced a new MSME (Micro, Small, and Medium Enterprises) policy aimed at boosting the state’s goal of becoming a one-trillion-dollar economy. This initiative aligns with India’s ambition of achieving a five-trillion-dollar economy. During an event at Shilpakala Vedika, Reddy outlined key aspects of the policy and related initiatives.
Key Points of the Policy:
Leverage China-Plus-One Policy: Telangana plans to capitalize on the global shift away from reliance on China post-COVID, boosting local manufacturing and investment.
Upgrading ITIs (Industrial Training Institutes): The state government will invest Rs 2,400 crores to upgrade 65 ITIs in partnership with Tata Group. Tata will contribute Rs 2,100 crores as part of their corporate social responsibility (CSR). The curriculum of these ITIs will be revised to make students industry-ready, enhancing the quality of skilled labor.
Young India Skill University: The university will focus on improving the skill sets of one lakh engineering graduates entering the job market annually, addressing the need for job-ready professionals.
Reduction of Agricultural Dependency: Revanth highlighted the need for fewer people in agriculture, as the sector struggles to provide adequate income, which has led to farmer suicides. Transitioning to other sectors like MSMEs is crucial.
Encouraging SC/ST Entrepreneurs: Special provisions will be made to encourage SC/ST entrepreneurs, including offering land at a 50% rebate to support their ventures.
Continuity in Governance: Reddy credited former Prime Ministers Jawaharlal Nehru and Indira Gandhi for establishing public enterprises like BHEL and IDPL, which made Hyderabad a pharma hub. The government will continue effective policies from past regimes, while discarding the ineffective ones. Rs 4,000 crores, promised as incentives by the previous government, will be disbursed in phases.
Addressing MSME Challenges: The new policy focuses on solving key issues for MSMEs, including access to affordable land, finance, quality raw materials, skilled labor, markets, and technology. A total of 40 measures have been proposed to provide comprehensive support, from startup to sale phase.
Deputy CM’s Remarks: Deputy Chief Minister Bhatti Vikramarka emphasized that the new policy has been introduced after a decade. He highlighted Rahul Gandhi’s vision to protect the MSME sector for job creation and economic security. Telangana has witnessed fewer MSME closures compared to other states like Maharashtra and Tamil Nadu. The policy also aligns with efforts to provide fee reimbursement for students to ensure they are job-ready.
The policy promises comprehensive support to MSMEs, addressing long-standing challenges and promoting economic growth in Telangana.
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