Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy has directed officials to provide support to micro, small, and medium enterprises (MSMEs) throughout the manufacturing-to-marketing process. In a review meeting held on Monday, the Chief Minister emphasized the significance of MSMEs in driving economic growth and instructed officials to extend assistance to them in various aspects. The aim is to identify products with global demand, provide advanced technology for production, and facilitate exports to multiple countries.
Developing Skills to Support Export-Oriented Goals
During the review meeting, the Chief Minister specifically instructed officials to develop the necessary skills among the youth to support the export-oriented goals of MSMEs. This emphasizes the importance of equipping the younger generation with the relevant skills to contribute effectively to the export market.
Action Plan for MSMEs and Technology Provision
To further strengthen support for MSMEs, the Chief Minister directed the formulation of an action plan to establish a separate wing dedicated to MSMEs within the Industries Department at the secretary level. This indicates a strategic approach to address the unique needs and challenges faced by MSMEs. Additionally, the Chief Minister emphasized the provision of required technology to enable MSMEs to thrive and compete in the global market.
Progress on Memoranda of Understanding (MoUs)
Officials provided an update on the progress made in implementing the Memoranda of Understanding (MoUs) signed at the Global Investors Summit (GIS) 23 held in Visakhapatnam. Out of the total 387 MoUs signed, the Trade and Industry department signed 100, and 13 MoUs have already translated into action. These actions have attracted investments worth Rs 2,739 crore and created employment opportunities for 6,858 people.
Energy Projects and Investments
Regarding energy projects, officials reported that out of the 25 MoUs signed, 8 projects are awaitingclearance from the State Investment Promotion Board (SIPB). Detailed project reports (DPRs) are being prepared for another 8 projects, and work on four projects is expected to commence soon. Additionally, before the Global Investors Summit, 20 MoUs were signed for energy projects, with work on six projects set to begin soon and DPRs ready for 11 projects. These projects are expected to bring in investments worth Rs 8.85 lakh crore and provide employment for 1,29,650 individuals.
Accelerating IT Industry Growth
Reviewing the growth of the IT industry and investments in the sector, the Chief Minister urged officials to focus on transforming Visakhapatnam into an IT hub and the preferred destination for IT-related industries. Officials revealed that 88 MoUs worth Rs 44,963 crore were signed for IT and related projects. Out of this, investments worth Rs 38,573 crore have already been received, and the companies are on the verge of commencing their operations.
These initiatives demonstrate the government’s commitment to supporting MSMEs, facilitating investment, and promoting economic growth in Andhra Pradesh. The focus on skill development, technology provision, and strategic partnerships reflects a comprehensive approach to empower MSMEs and enhance their competitiveness in the global market.
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