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Telangana launches MSME policy to tackle gaps in TS-iPASS
Industry News- Sep 20,24
Key features include the development of five new industrial parks dedicated to MSMEs, with one park exclusively for women-owned businesses and another for innovative startups.
The Telangana government has unveiled the MSME Policy 2024, aimed at addressing key challenges faced by micro, small, and medium enterprises (MSMEs) in areas such as land, finance, raw materials, skilled labour, market access, and technology. Launched by Chief Minister A. Revanth Reddy, the policy is one of the first major reforms introduced since his administration took office in December 2023.
The MSME 2024 policy, designed to fill gaps in the existing TS-iPASS policy, introduces 40 measures to provide end-to-end support for MSMEs, from startup to sale phases. Key features include the development of five new industrial parks dedicated to MSMEs, with one park exclusively for women-owned businesses and another for innovative startups. Additionally, 5% of plots in all new industrial parks will be reserved for women, and 15% for SC/ST entrepreneurs, with a 50% land cost rebate capped at Rs 5 million for SC/ST entrepreneurs.
The policy also addresses financial challenges, offering capital investment subsidies of up to 50% (capped at Rs 10 million) for SC/ST entrepreneurs in manufacturing, 25% for other MSMEs (capped at Rs 3 million), and an additional 20% subsidy for women entrepreneurs.
To enhance technology adoption, the government has set up a Rs 1 billion Yantram Fund, offering incentives for co-location of ancillary MSMEs, and introduced measures to reimburse import duties on raw materials and IPR registration costs.
With these initiatives, Telangana aims to elevate MSMEs' role in the state's goal of becoming a $1 trillion economy.
(The Hindu)
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