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GBS: Andhra Pradesh aims to set up 20,000 new MSMEs, over 5 lakh jobs

The Andhra Pradesh government will host a two-day Global Investors Conference 2023 in Visakhapatnam on March 3 and 4 with the goal of achieving extraordinary development in the industrial sector. “Advantage Andhra Pradesh—Where Abundance Meets Prosperity” is the summit’s theme.

The state government will highlight its strong presence of MSMEs and startups, outstanding infrastructure, business-friendly climate, and pool of smart, competent young people during the summit. To recruit investors, many roadshows have been held in Chennai, Bengaluru, and Mumbai.

Aerospace, military, agro- and food processing, autos, EVs, electronics, IT, healthcare, medical equipment, logistics, MSME, startups, petroleum, pharma, renewable energy, textiles, tourism, and hospitality are among the industries designated by the state as having strong long-term development potential.

Speaking about the MSME sector, Rajiv Krishna, Andhra Pradesh government advisor said, “AP government under the leadership of CM YS Jagan Garu has ensured that we support MSMEs to the fullest extent possible since they are the backbone of the economy and job creation.”

“In the last four years, more than 3000 crores of financial incentives have been released to MSMEs under various schemes, thereby, ensuring progress of existing MSMEs and creation of 20,000 new MSME units and new job creation of more than five lakh in MSMEs,” he added.

According to the Economic Development Board of Andhra Pradesh, there has been a surge in MSMEs’ growth and job creation in the state, indicating his commitment to a dynamic economy for everyone. According to the announcement, 37,956 MSME units have risen to 60,800 units employing 5,61,235 people in three years, up from 4,04,939 in 2019.

According to the board, the state government has also introduced two initiatives dubbed “YSR Cheyutha” and “YSR” to promote women entrepreneurs, and it has set an aim of anchoring 100 clusters in the next two years, with 52 clusters slated to be built during the fiscal year 2022–23.

It went on to say that Andhra Pradesh has been regularly placed at the top of the Ease of Doing Business (EoDB) rankings for the previous three years, which is important considering that this poll is based on perception.

According to data disclosed so far, it had the country’s highest double-digit GSDP growth rate in 2021–22, at 11.43%. It also possesses marine infrastructure since it is India’s gateway to the southeast, with 974 km of coastline, the country’s second longest, six current ports, and four planned ports. It boasts a favourable economic climate and regulations geared towards industry, as well as a proactive administration directing the state.

Andhra Pradesh is home to three of the country’s eleven industrial corridors. The state has garnered many awards, including the LEADS award for logistics in 2022, the Inertia Award for Energy in 2022, the ET award for port-led, and the infrastructure project in 2022, to mention a few.

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