Govt Aims to Facilitate Over 1.5 Lakh MSMEs In 2023-24 Financial Year

Chief Secretary KS Jawahar Reddy announced that the State government has set a target to establish 150,000 Micro, Small, and Medium Enterprises (MSMEs) during the fiscal year 2023-24. This ambitious goal aims to provide employment opportunities for 750,000 young individuals. The Chief Secretary expressed the government’s determination to generate employment by promoting the growth of MSMEs. Progress thus far indicates that during 2023, the target was to establish 125,000 MSMEs with an investment of Rs 15,625 crore. Currently, 92,707 MSME units have been set up, accounting for 62% of the target and providing employment to 361,000 youth. Read More Business News on our website.

Govt Aims to Facilitate Over 1.5 Lakh MSMEs In 2023-24 Financial Year

For the upcoming fiscal year 2023-24, the Chief Secretary has set a target to establish an additional 150,000 MSME units, which will create job opportunities for 750,000 young individuals. He urged officials to take the initiative to launch new MSMEs on October 2. Furthermore, he directed officials to propose the feasibility of establishing MSMEs in each district based on the availability of raw materials and submit these proposals to the Central government.

During a presentation on the progress of the MSME sector in the State, Commissioner of Industries K Praveen Kumar highlighted that a total of 394,000 MSMEs have been established, providing employment for 3.48 million people since the launch of the program. Additionally, for the fiscal year 2022-23, the Prime Minister Employment Generation program had a target of establishing 6,750 MSMEs, out of which 3,069 units have been set up.

Proposals have been submitted to the Central government to establish MSMEs in Visakhapatnam, Kakinada, and Guntur districts.In conclusion, the State government has set ambitious targets to establish a significant number of MSMEs in order to provide employment opportunities for the youth. The progress made thus far is commendable, with a substantial number of MSME units already established. The Chief Secretary’s emphasis on launching new MSMEs and exploring the feasibility of setting up units based on local raw materials reflects the government’s commitment to fostering economic growth and creating employment opportunities.

The MSME sector in the State has been instrumental in generating employment and contributing to the overall development of the region. With proposals already submitted for the establishment of MSMEs in key districts, the government’s efforts to support and promote entrepreneurship are evident. These initiatives hold the potential to bring about significant socio-economic benefits and drive further progress in the coming years.