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Rs 10,000 cr fund fuels MSME growth in state
In Short
The minister said MSMEs would play a key role in realising the ‘Swarna Andhra’ vision under the visionary leadership of Chief Minister N Chandrababu Naidu.
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Kondapalli Srinivas
Amaravati: The state government is encouraging micro enterprises across the State to grow into small and medium enterprises, minister for MSME, SERP and NRI Empowerment Kondapalli Srinivas said in a statement.
The minister said MSMEs would play a key role in realising the ‘Swarna Andhra’ vision under the visionary leadership of Chief Minister N Chandrababu Naidu. He said the government was building a comprehensive industrial ecosystem by encouraging local entrepreneurs in both rural and urban areas under the revolutionary slogan of ‘An entrepreneur in every household’.
Describing the Union Cabinet’s approval for setting up a Rs 10,000-crore ‘SME Growth Fund’ as a historic decision, Srinivas conveyed his heartfelt thanks to Prime Minister Narendra Modi on behalf of the Andhra Pradesh government. He said the initiative would provide a major boost to both the ‘Viksit Bharat 2047’ vision and the ‘Swarna Andhra’ goal. The fund would particularly help address the long-standing shortage of capital faced by enterprises while scaling up from the micro level, he said. With access to modern technology and greater participation in global value chains, Andhra Pradesh’s MSMEs would be able to compete at the global level.
The minister said industrial clusters in Tier-2 and Tier-3 cities would benefit from equity support, leading to a significant increase in local employment opportunities. The government was also creating a business-friendly environment through ease of doing business measures and speedy approvals for industries, he added.
