Andhra Pradesh Chief Minister Y.S. Jaganmohan Reddy has devised a new industrial policy, exclusively for entrepreneurs belonging to Scheduled Castes and other Scheduled communities, in a bid to fulfill part of his electoral promises made to underprivileged sections.
The new policy was apparently finalised only after a series of consultations with sectoral experts and industry associations.
The chief minister claimed that the new policy will strengthen pre-establishment support, improve market linkages, credit facilities, and boost economic development. He said the new policy is set to provide special incentives to promote as many as 362 manufacturing and 9,754 service sector activities among the socially disadvantaged communities that will create significant economic impact.
The government is also ensuring the easy availability of land under the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) guidelines. He said the APIIC allotment guidelines too will be redesigned to provide at least 16.2 per cent and 6 per cent of the developed land reserved for SC/ST entrepreneurs respectively, hereafter in the industrial parks.
The government is also establishing a dedicated SC/ST entrepreneur facilitation cell soon. “Our new industrial development policy is centered on balancing growth across regions and communities. I firmly believe that this new policy is a vital step towards promoting entrepreneurship amongst the marginalized for inclusive growth and development,” the chief minister said.
Industries minister Mekapati Goutham Reddy said his government would also provide seed capital assistance to support entrepreneurs to launch start-ups quickly and provide incentives on power, GST, and interest to reduce operating costs and provide support.