Hyderabad: In a significant move to bolster economic growth and generate employment in Telangana, State Chief Minister Revanth Reddy unveiled the much-anticipated MSME Policy 2024. The policy aims to promote Micro, Small, and Medium Enterprises (MSMEs), a sector viewed as a crucial driver for job creation and wealth generation across the state.
Drawing inspiration from former Prime Minister PV Narasimha Rao, Reddy highlighted how Rao’s economic reforms in the 1990s had put India on the path to global competitiveness. “PV Narasimha Rao’s visionary policies helped India overcome its financial crisis. We aim to emulate his foresight by fostering MSMEs and industrial development in Telangana,” Reddy said during the announcement.
Minister Sridhar Babu, credited as the architect behind the new MSME policy, was lauded for his efforts in crafting a strategy that promotes micro, small, and medium industries. Reddy emphasized that such a policy framework is crucial for sustained development, stating, “No state can progress without a clear policy document. This is why our government is committed to continuing the developmental agenda.”
Continuity in governance was a key theme during the announcement, as Revanth Reddy reassured the public that the Congress government would continue beneficial policies from previous administrations, while also scrapping those deemed harmful to the state’s interests. “Development transcends politics,” he remarked, signalling a non-partisan approach to Telangana’s growth.
One of the critical challenges identified by the state government is the mismatch between educational standards and industrial demands. To bridge this gap, 65 ITI institutions have been upgraded into advanced technology centers, a project undertaken in collaboration with the Tata Institute at a cost of Rs 2,400 crore. Additionally, the government has established the Young India Skill University, which will focus on equipping the youth with skills aligned with industry requirements.
In a forward-looking initiative, the government plans to set up a corpus fund of Rs 300-500 crore for the university, supported by donations from industrialists. The funds will be used for the university’s maintenance and operations. Reddy was quick to assert that this initiative is purely for the benefit of the state, not for political gain.
The announcement also touched upon the government’s recent decision to waive farm loans up to Rs 2 lakh, a measure aimed at supporting the state’s farmers. However, Revanth Reddy acknowledged that agriculture alone might not suffice to sustain farmers’ livelihoods and encouraged farmers to explore new employment opportunities while preserving the agricultural tradition.
In addition to MSME development, Hyderabad is set to witness further transformation with the establishment of the ‘Future City,’ which will include a Life Sciences and Greenfield Pharma City. These projects are expected to position the state as a hub for innovation and technology.
The Musi River, once dismissed as a polluted waterway, is also slated for a major facelift. The government plans to transform it into a man-made marvel, enhancing Hyderabad’s infrastructure and aesthetic appeal.
Revanth Reddy also emphasized the Congress government’s commitment to transparency and public participation. He contrasted the current administration’s open-door approach with the previous government’s “restricted fort” mentality, declaring, “This is a people’s government. We welcome everyone’s suggestions and ideas for the state’s development.”
Women’s empowerment was another focal point of the new policy. The state plans to elevate Self-Help Groups (SHGs) by offering enhanced marketing opportunities for their products. A three-acre facility at Hyderabad’s Shilparamam has already been dedicated to promoting SHG products. Additionally, SHGs will be entrusted with the management of Amma Adarsh Schools and awarded contracts for stitching school uniforms, with a significant increase in stitching charges from Rs 25 to Rs 75 per uniform.
The MSME Policy 2024 is seen as a comprehensive roadmap for Telangana’s economic future, with a strong focus on employment generation, industrial growth, and inclusive development. “The key to more jobs in our state lies in the success of MSMEs,” Reddy concluded, vowing full support for the sector.
