Hyderabad: The Telangana government has announced plans to invest Rs 4,000 crore over the next five years to support and grow Micro, Small, and Medium Enterprises (MSMEs) in the state. Chief Minister A Revanth Reddy introduced the new “Telangana MSME Policy 2024” on Wednesday.
The new policy focuses on six key areas to help MSMEs grow. These areas include making land more available, accessible, and affordable, helping businesses get easier access to finance, ensuring they can obtain raw materials easily, improving flexibility in labor markets, encouraging the use of new technologies, and expanding access to markets.
The government hopes to see more than 25,000 new MSMEs start up in Telangana over the next five years. The policy also aims to help Self-Help Groups (SHGs) transition into MSMEs by offering full support. Additionally, the state wants to strengthen its position as a leading exporter in India, with a focus on reducing imports by producing more locally.
To further support MSMEs, the Telangana government is working on a procurement policy. This policy will give preference to MSMEs when the government buys goods and services, especially those owned by SC/ST and women entrepreneurs.
