The Telangana government has announced a significant investment of Rs 4,000 crore over the next five years aimed at developing Micro Small, Medium and Enterprises (MSMEs) in the state. Chief Minister A Revanth Reddy unveiled the ambitious ‘Telangana MSME Policy 2024’ on Wednesday.
As per the new policy, the state government has earmarked six critical areas for improvement to accelerate the growth of MSMEs. These areas include enhancing land availability, ease of finance access, easy raw material availability, flexibility in labor markets, technology adoption, and market access. The policy also aims to establish more than 25,000 new MSMEs in the next five years.
The policy supports the transition of Self Help Groups (SHGs) to MSMEs and aims to strengthen the state’s position as a leading exporter while emphasizing import substitution. Additionally, the government is drafting a preferential procurement policy for MSMEs, specifically targeting SC/ST and women-owned enterprises. To encourage green technologies adoption, incentives like additional floor area and green building certifications will be provided to MSMEs.
