CM Revanth Reddy Unveils New Telangana MSME Policy

Hyderabad, Sep 18 (KNN) In a significant move to bolster the Micro, Small, and Medium Enterprises (MSME) sector, Telangana Chief Minister A. Revanth Reddy unveiled a comprehensive MSME policy on Wednesday in Hyderabad.

The announcement comes as part of the state government's efforts to stimulate economic growth and create employment opportunities in the region.

The new policy outlines a range of incentives and support mechanisms designed to address the challenges faced by MSMEs. Key highlights include simplified regulatory procedures, financial assistance programs, and technology upgradation schemes.

The government has also announced the establishment of dedicated MSME clusters across the state to promote sector-specific growth.

One of the policy's focal points is enhancing access to credit for MSMEs. The state government plans to set up a special fund to provide collateral-free loans and interest subvention schemes.

Additionally, a single-window clearance system will be implemented to streamline the process of obtaining necessary permits and approvals.

The policy also places strong emphasis on skill development and capacity building. "We will be setting up Centres of Excellence in collaboration with industry experts to impart training in emerging technologies and management practices," explained the Industries Minister, who was present at the event.

To promote innovation and start-up culture, the policy introduces provisions for incubation centres and mentorship programs. Special incentives have been announced for women entrepreneurs and those from marginalised communities to ensure inclusive growth in the MSME sector.

Environmental sustainability is another key aspect of the policy. Incentives will be provided to MSMEs adopting green technologies and sustainable manufacturing practices. "We are committed to balancing economic growth with environmental responsibility," CM Reddy asserted.

"This policy is a testament to our commitment to nurturing a vibrant MSME ecosystem in Telangana," stated CM Reddy. "We aim to position our state as a preferred destination for MSME investments and create a conducive environment for their growth and sustainability."

The policy launch event, held at the Pragathi Bhavan, saw the attendance of key stakeholders including industry leaders, MSME representatives, and government officials.

The announcement has been well-received by industry associations and MSME owners. "This policy addresses many of our long-standing concerns and provides a clear roadmap for growth," commented the president of a local MSME association.

Economic analysts predict that the new policy could significantly boost the state's MSME sector, potentially creating thousands of jobs in the coming years. However, they also stress the importance of effective implementation to realise the policy's full potential.

As Telangana positions itself as an MSME-friendly state, the success of this policy could serve as a model for other states looking to revitalise their MSME sectors. With the global economic landscape evolving rapidly, the timely introduction of this comprehensive policy underscores Telangana's proactive approach to economic development and its commitment to becoming a key player in India's MSME ecosystem.

(KNN Bureau)