Global Investors Summit 2023: Andhra Pradesh Govt Plans to Set Up 20,000 New MSMEs & Create Over 5 lakh Jobs

'Advantage Andhra Pradesh - Where Abundance Meets Prosperity' is the theme of investors summit. The state government will highlight its strong presence of MSMEs and startups, good infrastructure, business-friendly environment, and pool of talented, skilled young people at the summit. To attract investors, several roadshows have been held in Chennai, Bengaluru, and Mumbai.

Aerospace, defence, Agri and food processing, automobiles, EVs, electronics, IT, healthcare, medical equipment, logistics, MSME, startups, petroleum, pharma, renewable energy, textiles, tourism, and hospitality are among the sectors identified by the state as having high long-term growth potential.

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

"Over the last four years, more than 3000 crores of financial incentives have been released to MSMEs under various schemes, ensuring the progress of existing MSMEs as well as the creation of 20,000 new MSME units and more than five lakh new jobs in MSMEs," he added.

According to the Economic Development Board of Andhra Pradesh, there has been an increase in MSMEs development and job creation in the state, demonstrating his commitment to a vibrant economy for all. According to the statement, 37,956 MSME units have grown 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 launched two schemes called 'YSR Cheyutha and YSR' to support women entrepreneurs, and it has set a target of grounding 100 clusters in the next two years, with 52 clusters proposed to be established during the fiscal year 2022-23. It went on to say that Andhra Pradesh has been consistently ranked first in Ease of Doing Business (EoDB) for the last three years, which is significant given that this survey is based on perception.

According to data released thus far, it had the country's highest double-digit GSDP growth rate 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 country's second longest, six existing ports, and four planned ports. It has a favourable business environment and policies geared towards industry, as well as a proactive government guiding the state.

Andhra Pradesh is home to three of the country's eleven industrial corridors. The state has received several awards, including the LEADS award for logistics 2022, the Inertia Award for Energy 2022, the ET award for port led, and the infrastructure project 2022, to name a few.