Telangana Starts MSME Policy 2024 To Create Jobs In State

Telangana Chief Minister, Revanth Reddy unveiled the MSME policy 2024 to generate more employment opportunities in the state. To push the growth in the sector, the Telangana government has identified six key areas. These areas are improving the availability, accessibility and affordability of land, ensuring easy access to raw materials, increasing flexibility in labour markets, promoting the adoption of advanced technology, and enhancing access to domestic and global markets.

During the launch, CM Reddy said that without a policy document, no state can develop and that is the reason why Telangana has taken this step. He assured that the state government would introduce the new policy while continuing the policies of the previous government. CM Reddy said that politics will not take place in the development process hence it is a continuous process.

"My government will also not hesitate to scrap the earlier decisions which are detrimental to the state's interest," CM Reddy said. He highlighted the gap between the educational standards and the industrial requirements, adding that 65 ITI institutions have been upgraded as advanced technology centres in the state.

As per the CM, the state is modernising the institutions jointly with Tata Institute at a cost of Rs.2400 crore. CM Reddy further stated that the state will establish Young India Skill University after conducting a thorough study. The university will train the youth and impart skills to meet the industrial requirements, he added. The government will set up a corpus fund with Rs 300 crore to Rs 500 by seeking donations from the Industrialists for the management of the University.

As per the official document, the MSMEs in the state have shown a positive trend of formalisation as annual registrations on the TG-iPASS portal have increased by 11-15 per cent annually. The document further adds that the MSMEs in the state have seen a rise in average investment from Rs 1 crore in 2018 to Rs Rs 2.15 crore in 2022.

During the launch, CM said, "More employment opportunities will be generated in the state only with the strengthening of the MSMEs. The government will provide all-out support to the MSMEs in the state." (ANI)