xAP eyes manifold rise in MSMEs

Visakhapatnam: With already 4 lakh-plus Micro, Small and Medium Enterprises (MSME) present in Andhra Pradesh, the idea is to strengthen the sector further so that it helps in striking a balance between employment generation and economic growth.

Currently, 14 lakh people are employed in the MSMEs in Andhra Pradesh. In a move to leap forward, the state government intends to adopt best practices and follow international standards. In connection with this, a team of state government officials gears up to visit Germany next month, study the best practices there and bring in a chunk of them to the state.

After concluding the ensuing Global Investors' Summit scheduled on March 3 and 4 and G20 Summit Working Group Committee meeting on March 28 and 29, the government officials plan to visit Germany to study the practices followed there in the MSME sector. "Chief Minister YS Jagan Mohan Reddy has already given instructions for the same. When major industries get grounded, there may not be much employment generation due to adoption of advanced technology and machinery. However, when MSMEs grow, it will be beneficial both in terms of employment creation as well as economic growth," told Industries and IT Minister Gudivada Amarnath with The Hans India.

Besides MSMEs, the focus is also on other sectors such as handloom and textile, apparel, tourism and hospitality, among others for the same reasons. Even as there is a possibility of drawing huge investments in the renewable energy sector, the IT Minister opined that it will not be as viable as MSMEs in terms of employment creation.With the state government keen on increasing the presence of MSMEs manifold, the next focus would be on setting up more than 70 MSME parks across Andhra Pradesh.