Andhra Pradesh announced its new Industrial Policy 2020-23
The Andhra Pradesh government has announced its new industrial policy that has a focus on the MSME sector. The policy explicitly supports the MSME sector in the state for its development and growth in the state. This policy will be effective till the year 2023.
Main Focus of the Policy
The state government has identified 10 thrust sectors for the economy of the state and they are:
- Food processing
- Pharma
- Toys
- Textiles
- Footwear
- Automobiles
- Electronics
- Petrochemicals
- Mineral-based industries
- Aerospace-defence
Main Features of the Policy
The salient features of the new policy of the Andhra Pradesh government are:
- The state will set up 30 skill development centres and two skill development universities in order to make skilled labour available in the state. The main focus of these platforms will be to focus on cutting edge analytics and smart manufacturing using the Internet of Things, predictive maintenance.
- There will be a skilled platform at the digital labour to being together with the skilled labour and the businesses of the state.
- There will be holistic development of all areas with industrial, commercial and economic activities.
- This will bring an end to end handholding for the entrepreneurs by integrating services of multiple state agencies under a one-stop business enablement centre named YSR AP One.
- The MSME companies will be reimbursed 100% of the stamp duty on the purchase of land and lease of buildings for industrial use, fixed power cost reimbursement at Rs one per unit for five years, reimbursement of 100% net GST for five years from the commencement of production and 15% investment subsidy on fixed capital investment up to Rs 25 lakhs.
- The medium, large and mega industries will also get reimbursement of 100% of net SGST amount accrued to the state for 5 years.
- Women entrepreneurs from the SC, ST and BC community establishing manufacturing units like in food processing as sole proprietors, providing employment to at least 10 persons will be provided with a special package under the scheme.
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Month: Current Affairs - August, 2020