Telangana CM Revanth Reddy Unveils MSME Policy-2024 to Boost Employment and Sector Growth

Telangana Chief Minister, Revanth Reddy, launched the MSME Policy-2024 aimed at generating employment and boosting sector growth. The policy focuses on six key areas including land availability, raw material access, labor market flexibility, advanced technology, and market accessibility, while ensuring state development continuity.

In a significant move to bolster employment and sectorial growth, Telangana Chief Minister Revanth Reddy unveiled the MSME Policy-2024. The initiative aims to address six critical areas: land availability, raw material access, labor market flexibility, adoption of advanced technology, and enhancing access to both domestic and global markets.

Speaking at the launch, CM Reddy emphasized the necessity of a policy document for state development. He affirmed that the new policy will build on the existing policies, ensuring a non-partisan approach to development. Reddy assured that his government will not hesitate to scrap any past decisions detrimental to the state's interests.

Highlighting the skills gap in education and industry, Reddy announced that 65 ITI institutions had been upgraded to advanced technology centers. He informed that modernization efforts are being made in collaboration with the Tata Institute at a cost of Rs. 2400 crores. The state also plans to establish a Young India Skill University to tailor youth skills to industrial requirements and set up a corpus fund of Rs 300 to 500 crores for its management through industrial donations.

The policy document revealed a positive trend in MSME formalization with annual registrations on the TG-iPASS portal rising by 11-15% annually. Additionally, the average investment in MSMEs has increased from Rs 1 crore in 2018 to Rs 2.15 crore in 2022. CM Reddy concluded by stating the government's full support to MSMEs to generate employment and promote sector growth.

(With inputs from agencies.)