Global Investors Summit 2023: Andhra Pradesh aims to set up 20,000 new MSMEs

At the summit, the state government will showcase its robust presence of MSMEs and startups, good infrastructure, business-friendly environment, and its pool of talented, skilled young population. Several roadshows have been held in Chennai, Bengaluru, and Mumbai to attract investors. 

The state has identified various sectors with high growth potential in the long run which include aerospace, defense, agri and food processing, automobiles, EVs, electronics, IT, healthcare, medical equipment, logistics, MSME, startups, petroleum, pharma, renewable energy, textiles, tourism and hospitality.

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 Andhra Pradesh’s Economic Development Board, there has been an increase in MSMEs development and job creation in the state, demonstrating his dedication to a vibrant economy for everybody. In three years, 37,956 MSME units have grown to 60,800 units employing 5,61,235 from 4,04,939 in 2019, the statement read. 

The state government has also launched two schemes called ‘YSR Cheyutha and YSR’ to support women entrepreneurs, the board said, adding that it has set a target of grounding 100 clusters in the next two years, out of which 52 clusters are proposed to be established during the FY 2022-23. 

It added that Andhra Pradesh has consistently been ranked first in Ease of Doing Business (EoDB) for the last three years, which is significant given that this survey is based on a perception survey.

According to the numbers released thus far, it had the highest double-digit GSDP growth rate in the country in 2021-22 at 11.43%. It also has maritime infrastructure, as it is India’s gateway to the southeast, with 974 km of coastline, the second longest in the country, 6 existing ports, and four upcoming ports. It has a favourable business environment and industry-focused policies, as well as a proactive government guiding the state.

Three of the country’s 11 industrial corridors are being built in Andhra Pradesh. To name a few, the state has received the LEADS award for logistics 2022, the Inertia Award for Energy 2022, the ET award for port led, and the infrastructure project 2022.