CM Reddy launched MSME Policy- 2024

Promoting MSMEs: A Pathway to Employment and Prosperity in Telangana

The Telangana government has launched the MSME Policy-2024, aiming to boost employment opportunities and enhance the state’s wealth through the promotion of Micro, Small, and Medium Enterprises (MSMEs). This initiative is seen as vital for the state’s economic growth.

Former Prime Minister PV Narasimha Rao’s legacy of economic reforms laid the foundation for liberalized industrial policies that propelled India into global competitiveness. In that spirit, Minister Sridhar Babu has been instrumental in crafting the new MSME policy, recognizing that a robust policy framework is essential for state development.

The new policy builds upon previous initiatives, demonstrating a commitment to continuity in governance. Minister Babu emphasized that political considerations should not interfere with development, as the Congress party seeks to advance beneficial programs while remaining open to revising detrimental decisions.

Addressing a significant gap between educational standards and industrial needs, the government has upgraded 65 ITI institutions into advanced technology centers, collaborating with the Tata Institute at an investment of Rs. 2400 crores. The establishment of the Young India Skill University will further equip the youth with skills tailored to meet industry demands. To sustain this initiative, the government plans to create a Corpus fund ranging from Rs. 300 to 500 crores, sourced from industrialists, ensuring effective management of the university.

Recognizing the challenges faced by farmers, the government has waived farm loans up to Rs. 2 lakh, promoting agriculture as a cultural heritage. Farmers are encouraged to persist in their profession and inspire their families to seize employment opportunities.

The vision for Hyderabad includes the development of a Future City, featuring a Life Sciences and Greenfield Pharma city, alongside the transformation of the Musi River into a clean, attractive landmark.

The government prides itself on being accessible and responsive to the public, marking a shift from previous administrations. Plans are underway to empower women through Self-Help Groups (SHGs), enhancing their role in managing Amma Adarsh Schools and increasing uniform stitching rates to Rs. 75 from Rs. 25.

Ultimately, the Telangana government is committed to strengthening MSMEs as a crucial driver of job creation, pledging comprehensive support to foster their growth and sustainability in the state.