AP government plans to bring out MSME policy to give boost to entrepreneurship and employment

The Andhra Pradesh government plans to bring out a Micro, Small and Medium Enterprises (MSMEs) policy to give a boost to entrepreneurship and employment generation.

The new policy is set to give a huge boost to entrepreneurs by providing seed capital to them. The Chief Minister asked industries department officials to ensure that MSME employees are provided with training, technology and infrastructure up-gradation. Sharing his experience of meeting with China’s MSME Association, the Chief Minister asked the industries officials to work on creating an association for MSMEs which will bring in a proper structure and make them stakeholders in development of the industry.

“Computerise all the MSMEs in the state and strengthen them. We can also work in coordination with AP State Skill Development Corporation to upgrade skills of the workforce,” Naidu said. The upcoming policy on industrial parks proposes to treat “industrial parks” as an industry, the release said. Naidu asked the officials to look for groups or players who have the experience of constructing such parks. “APIIC can also look for players from China, Japan and other countries who are interested to develop such parks,” he added.

According to PTI, the Secretary of Industry and Investments, S S Rawat informed Naidu that the fiscal incentives proposed in the forthcoming MSME policy would be the best in the country. Officials told Naidu, who held a review on MSMEs recently, that the sector can attract investments worth Rs 1,200 crore and provide 2.7 lakh jobs during the next five years, according to an official release issued recently. Explaining that Andhra Pradesh has over 20 lakh MSMEs, Naidu was informed that about 25-30 per cent of the state’s employment owes to the sector.

Noting that the new policy would provide incentives to women, SC and ST entrepreneurs, the release said the policy envisages giving 15 per cent of Andhra Pradesh Industrial and Investment Corporation’s (APIIC) land to MSMEs. The new policy will also bring in a structure and bail out sick MSMEs. “We will also offer a subsidy on patent registrations and certifications of MSMEs,” Rawat said. He also suggested that MSMEs could be encouraged with annual awards based on innovation, quality of the product, employment generation and high growth in profit.

Read more at http://yourstory.com/