According to chief minister Y S Jagan Mohan Reddy, Andhra Pradesh will shortly release a new industrial policy that would put a special emphasis on fostering start-ups and port-based enterprises.
Prior to the Global Investors’ Summit (GIS), which will be held in Visakhapatnam on March 3 and 4, the chief minister conducted a preliminary review meeting with senior officials of the industries department.
According to a statement from the chief minister’s office, Jagan had instructed the authorities to draft the new industrial strategy in a way that would support business owners from the conception of their ideas to commissioning and marketing of their products. He instructed them to prioritise product marketing and any necessary overseas partnerships.
The chief minister advised that it should also house the office of the industries department and gave the go-ahead for the construction of a specific facility in Visakhapatnam with a 300,000 square foot footprint to accommodate start-up needs.
The chief minister reminded the authorities that while supporting new businesses should be a major priority, it is equally important to focus on building the required infrastructure to support port-based sectors. All of the aforementioned considerations should be examined when creating the new industrial policy.
Jagan instructed that the micro, small, and medium-sized firms (MSMEs) must deal with intense global competition and that the only way they could prosper was by forming partnerships with foreign businesses and organisations.
From concept development through industry commissioning to product promotion, the chief minister remarked, “The government machinery should assist the entrepreneurs.” He asserted that the new industrial policy as a whole should satisfy these business owners’ needs and that the MSME policy in particular should counsel, help, and promote new businesses in every way.
KVV Satyanarayana and Guljar, the special chief secretary for industry and commerce, R Karikal Valaven, and other officials attended the meeting.
