AP MSMEs to Create 20 Lakh Jobs: Nara Lokesh

Amaravati, May 14 (PTI) Andhra Pradesh IT Minister Nara Lokesh has emphasised the role of Micro, Small and Medium Enterprises in helping the state achieve its ambitious goal of creating 20 lakh jobs.

Lokesh attended the "SME IPO – Alternative Funding Option For Growth" awareness seminar organised jointly by the National Stock Exchange of India (NSE), Andhra Pradesh Micro, Small and Medium Enterprise (MSME) Development Corporation and the Confederation of Indian Industry (CII).

"MSMEs are essential for achieving the 20 lakh jobs target and the government is moving ahead with the vision of Made in Andhra – Made for India – Made for the World," said Lokesh in an official press release late on Wednesday.

He also said Andhra Pradesh has emerged as a major investment destination over the last 23 months under Chief Minister N Chandrababu Naidu's leadership.

According to Lokesh, agreements have so far been signed for nearly 800 projects involving investments worth Rs 23 lakh crore with the potential to generate employment for about 24 lakh people.

Companies, including Google, ArcelorMittal, TCS, Cognizant and Royal Enfield are establishing projects in the state, while the Advanced Medium Combat Aircraft (AMCA) fighter jet manufacturing project is also proposed to come up in Puttaparthi.

Referring to Carrier's investment proposal in Sri City after Google's data centre project in Visakhapatnam, Lokesh said every major investment creates employment opportunities.


"When one large investment comes, several ancillary industries and employment opportunities emerge around it. This is the multiplier effect," he said.

The Minister said the government is pursuing decentralised development through a cluster-based growth model across Andhra Pradesh.

He outlined the government's plans for 22 development clusters, focusing on automobiles, renewable energy and horticulture in Rayalaseema, aquaculture and quantum technology in Amaravati, and pharma, IT and data centres in North Andhra.

To further boost the sector, the government plans to establish an MSME park in every constituency and is simplifying approvals and incentives under a "Speed of Doing Business" approach.

For the government, an MSME started with Rs 50 lakh is as important as Google and a company launched with Rs 1 crore is as important as ArcelorMittal, he said.

The minister directed the MSME department to work towards ensuring that at least 100 companies from Andhra Pradesh get listed on the National Stock Exchange of India (NSE) within the next three months.

Lokesh pointed out that while 723 companies across the country have raised Rs 22,415 crore through NSE listings, only three firms from Andhra Pradesh have so far been listed.

He also encouraged entrepreneurs to build globally competitive businesses and assured government support for industries and MSMEs in the state.