The MSME policy-2024 was introduced by Telangana Chief Minister Revanth Reddy with the goal of creating more jobs in the state.
The Telangana Government has selected six important sectors to drive the sector’s growth. Enhancing land availability, accessibility, and affordability; guaranteeing simple access to raw resources; expanding labour market flexibility; encouraging the adoption of cutting-edge technology; and expanding access to both local and international markets are some of these sectors.
He promised that the former administration’s policies would be maintained while the new ones were implemented by the State Government.
CM Reddy went on to say that following a comprehensive investigation, the state will found Young India Skill University. According to him, the university will provide kids with training and skills to match industry demands.
He went on to say that the Government will ask industrialists for donations to establish a Corpus fund with between Rs. 300 crore and Rs. 500 for the administration of the university.
According to the official document, yearly registrations on the TG-iPASS portal have climbed by 11–15 per cent annually, indicating that MSMEs in the state have demonstrated a strong trend of formalisation.
The report further states that the average investment in MSMEs in the state increased from Rs. 1 crore in 2018 to Rs. 2.15 crore in 2022.