AP State to establish Micro, Small and Medium Enterprises Corporation

Amaravati: The State government has decided to establish a dedicated Micro, Small and Medium Enterprises (MSME) Corporation to encourage micro, small and medium enterprises in the state.

In his budget speech, finance minister Yanamala Ramakrishnudu said that in the MSME sector, 26,368 units have been established with an investment of Rs 11,779 crore providing employment to 3.09 lakh unemployed youth. To further promote MSME, the government would be establishing a dedicated MSME Corporation, he added.

Besides, MSME parks with plug-and-play facilities were also planned in 175 Assembly constituencies in a phased manner. The government has made an allocation of Rs 200 crore for MSME sector. 

The government has proposed an amount of Rs 3,075 crore as against Rs 2,086 in 2017-18 an increase of 47 per cent to the industries and commerce department. The government said that AP has been successfully attracting investments across sectors such as automobile, food processing, textiles, marine products and cement.

The State government was implementing two large industrial corridor projects, Visakhapatnam-Chennai Industrial Corridor (VCIC) and Chennai-Bengaluru Industrial Corridor.