On Monday, 10th August ’20, the Minister for Industries Mekapati Gowtham Reddy in Vijayawada of Andhra Pradesh unveiled the Industrial Development Policy 2020-23. This policy was announced in virtual presence of a hundred representatives from various   industrial and academic communities.

The YSR government has an entire new multi-faceted capability center set-up in the state which will offer 10 key services including entrepreneurship facilitation, sales support and MSME’s revitalization. “We are committed to not just welcome units to state with a red carpet, but to handhold and support them in every aspect of business so that they can realize their full potential,” said the industry minister.

The new policy will emphasize equal focus on existing units along with facilitating new industrial units, ensuring balanced growth across regions.

The government recently released all the dues owed to MSMEs, despite severe financial crunch due to the Covid-19 situation.

The new policy was aimed at ensuring the relationship between the state governments and industries should be of partnership and not transaction. The government has proposed to make changes in the land allotment of industries. The land used for manufacturing is purchased on a lease and buy model in which the land is allotted to the industries for a period of 33 years and the industry can purchase the land after 10 years of successful business operations.

The employment provider of the manufacturing sector is the top priority of the state government, Gautam Reddy said the government would undertake structural reforms to accelerate industrialization in the state. “We believe that providing the right facilities at the right cost and offering transparent approvals is critical to the success of the industrial sector,” the minister said.

NEWS REPORTED BY:

VRIDHI BHAGNARI.

CONTACT DETAILS: vridhi.bhagnari1707@gmail.com