The Andhra Pradesh government plans to bring out a Micro, Small and Medium Enterprises (MSMEs) policy to give a boost to entrepreneurship and employment generation.
Officials told Chief Minister N Chandrababu Naidu, who held a review on MSMEs here, that the sector can attract investments worth Rs 1,200 crore and provide 2.7 lakh jobs during the next five years, according to an official release issued today.
Secretary (Industry and Investments) S S Rawat informed Naidu that the fiscal incentives proposed in the forthcoming MSME policy would be the best in the country.
The new policy is set to give a huge boost to entrepreneurs by providing seed capital to them.
Noting that the new policy would provide incentives to women, SC and ST entrepreneurs, the release said the policy envisages giving 15 per cent of Andhra Pradesh Industrial and Investment Corporation's (APIIC) land to MSMEs.
The new policy will bring in a structure and bail out sick MSMEs.
"We will also offer a subsidy on patent registrations and certifications of MSMEs," Rawat said.
Rawat also suggested that MSMEs could be encouraged with annual awards based on innovation, quality of the product, employment generation and high growth in profit.
