Andhra Pradesh to Formulate Action Plan to Provide Separate Wing for MSMEs, Announces CM YS Jagan Mohan Reddy

Andhra Pradesh, June 6: Andhra Pradesh Chief Minister YS Jagan Mohan Reddy on Monday held a review meeting on the implementation of MoUs signed at the GIS 23 (Global Investors Summit). Highlighting the significant contribution of MSMEs (Micro, Small and Medium Enterprises) to the growth of the state, the Chief Minister directed the officials to take prompt measures in helping the enterprises to flourish from manufacturing to marketing their products globally, said an official statement.

CM Jagan told the officials to identify the products having global demand, the state-of-the-art technology needed for the small enterprises to produce such products, and the ways to market them through tie-ups with MNCs (multinational corporations). Retail, Wholesale Trade to Get MSME Status, Says Union MSME Minister Nitin Gadkari.

Instructing them to formulate an action plan to provide a separate wing for MSMEs in the industries department at the Secretary level and extend the required technology to boost the state’s economy, the CM said, “You should work with the aim of exporting a wide range of products to several countries,” suggesting that necessary skills also should be developed among the youth for the purpose.

During the meeting, the officials informed CM Jagan that out of the 387 MoUs signed at the GIS, 100 MoUs were signed by the Trade and Industry department while 13 MoUs were translated into action, bringing in Rs. 2739 crore investments and creating employment for 6,858 people.

They further added that 38 companies would begin their work in the State before January 2024 and 30 other companies before March 2024 to which the CM stressed the officials to ensure that all companies which signed MoUs would begin work by February 2024.

The Chief Minister was informed that out of the 25 MoUs signed on energy projects, 8 projects were awaiting SIPB clearance while DPRs are getting ready for another 8 projects, and works on 4 projects would be commencing soon.

Referring to the 20 MoUs signed on energy projects prior to the GIS-23, officials said that works on 6 projects would commence soon while DPRs are ready for 11 projects. These projects will bring Rs.8.85 lakh crore investments resulting in employment to 1,29,650 persons, they explained.

While reviewing the progress of the IT industry and investments in the sector, CM Jagan told the officials to work hard and make Visakhapatnam, the IT hub of Andhra Pradesh.

Disclosing key figures on the IT-related projects, the officials said that 88 MoUs worth Rs. 44,963 crores were signed. Out of this, investments worth Rs. 38,573 crores have already come and the companies are about to commence their operations.

CM Jagan encouraged the officials to work towards translating the MoUs signed on food processing projects into action at the earliest to help the tomato and onion growers by establishing processing units. He also reviewed the flow of Investment into the animal husbandry and tourism sectors for which MoUs were signed. Tamil Nadu Govt Mulling To Reduce Proposed Power Tariff Hike for MSME Industries.

They also explained that the State achieved excellent progress with the growth rate reaching 11.43 % in 2021-22 from 5.36% in 2019. The exports from the State also went up to Rs. 1.6 lakh crore in 2022-23 from 1.43 lakh crore in 2021-22, said a statement from the Chief Minister’s office.

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