Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy on Monday directed officials to support micro, small, and medium enterprises (MSMEs) by handholding from manufacturing to marketing their products globally. The Chief Minister emphasised the importance of MSMEs in driving the economy's growth and instructed officials to extend assistance to them in various aspects. He stressed the need for handholding these enterprises throughout the process and encouraged tie-ups with multinational corporations (MNCs) for marketing purposes. The aim was to identify products with global demand, provide state-of-the-art technology to enable their production, and facilitate their export to multiple countries.
During a review meeting held on Monday, the Chief Minister instructed officials to develop the necessary skills among the youth to support the export-oriented goals of MSMEs. He also directed the formulation of an action plan to establish a separate wing for MSMEs within the Industries Department at the secretary level and to provide the required technology.
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At the review meeting, officials informed the Chief Minister about the progress made in implementing the Memoranda of Understanding (MoUs) signed at the GIS (Global Investors Summit) 23 in Visakhapatnam. Out of the total 387 MoUs signed, the Trade and Industry department had signed 100, and 13 MoUs had already translated into action, attracting investments worth Rs 2,739 crore and creating employment opportunities for 6,858 people.
Regarding energy projects, officials reported that out of the 25 MoUs signed, 8 projects were awaiting clearance from the State Investment Promotion Board (SIPB), while detailed project reports (DPRs) were being prepared for another 8 projects. Work on four projects was expected to commence soon. Before the Global Investors Summit, 20 MoUs were signed for energy projects. Work on six projects was set to begin soon, and DPRs were ready for 11 projects. These projects were expected to bring in investments worth Rs 8.85 lakh crore and provide employment for 1,29,650 individuals.
The Chief Minister urged officials to ensure that all companies that had signed MoUs would commence their operations by February 2024.
Reviewing the growth of the IT industry and investments in the sector, the Chief Minister urged officials to work towards transforming Visakhapatnam into an IT hub and establishing it as the preferred destination for IT-related industries.
Officials revealed that 88 MoUs worth Rs 44,963 crore were signed for IT and related projects. Out of this, investments worth Rs 38,573 crore have already been received, and the companies are on the verge of commencing their operations.