TG Govt announces New MSME policy 2024

Hyderabad: Telangana government plans to spend Rs 4,000 crore over the next five years towards various initiatives to develop Micro Small, Medium and Enterprises in the state, said Chief Minister A Revanth Reddy, who unveiled the "Telangana MSME Policy 2024" on Wednesday.

According to the new policy, to accelerate the growth of MSMEs, the state government has identified six trust areas for improvement – improving availability, accessibility and affordability of land, facilitating access to finance, ensuring easy access to raw materials, improving flexibility in labour markets, encouraging adoption of technology and enhancing access to markets.

The policy said the government is aiming to see that over 25,000 new MSMEs are established in the state in the next five years. The policy facilitates SHG's (self help groups) to transition to MSMEs by providing end to end support structures besides strengthening the state as a leading exporter in the country with an emphasis on import substitution.

The Telangana government is drafting a procurement policy with preferential procurement from MSMEs, particularly from SC/ST and women owned enterprises, the policy said.