Telangana Government to Empower Entrepreneurs: Unveiling Groundbreaking MSME Policy on September 18
Telangana Government to Launch MSME Policy with ₹100-Crore Fund for Defence and Aerospace Sector
Hyderabad: The Telangana government is set to introduce a new policy dedicated to micro, small, and medium enterprises (MSMEs) on September 18. Industries and IT Secretary Jayesh Ranjan announced at the Defence and Space Conclave of CII Telangana that the policy would feature a ₹100-crore fund aimed at upgrading technology in defence and aerospace MSMEs, making Telangana potentially the first state to offer such financial aid specifically for this sector.
The policy is expected to significantly benefit the defence and allied sectors, with an estimated 60% to 70% of users emerging from these fields. Telangana’s focus on defence manufacturing dates back over six decades and the state is keen on building upon this legacy through infrastructure development, workforce skill enhancement, and encouragement of innovation in defence.
In addition to setting up exclusive defence and aerospace parks, Telangana also plans to extend incentives to new companies and promote innovation through various initiatives, including the recently announced Young India Skills Initiative. A full-fledged iDEX centre is also being established in Hyderabad to foster innovation and technological advancement in defence and aerospace through engagement with MSMEs and startups.
Furthermore, at the Joint Legislature session in February, former Governor Tamilisai Soundararajan highlighted the need for an exclusive MSME policy to address specific challenges faced by these enterprises, such as technology access, skilled manpower recruitment, finance, market access, and preventing industrial sickness.
Industries Minister D. Sridhar Babu mentioned that the state would also consider providing land on lease rather than outright sale to women entrepreneurs under this policy. Telangana is home to approximately 2.6 million MSMEs, with 56% in rural areas and 44% in urban centres. Since its formation in 2014, the state has seen nearly 20,000 registered MSME units commencing operations with an investment of approximately ₹31,023 crore.
Published: September 12, 2024, 07:51 AM IST
Original Story https://www.thehindu.com/news/cities/Hyderabad/telangana-government-to-unveil-msme-policy-on-september-18/article68631331.ece
Category : Hyderabad
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