VIJAYAWADA: Even though the YSRC government decreased the allocations to industries, infrastructure and commerce, and information technology (IT) departments in its maiden budget on Friday, it has targeted to attract investments worth over Rs 14,300 crore in both the sectors. The government, with this target, also desires to create close to 1.34 lakh jobs.
While Rs 3,985.05 crore has been allocated for industries, infrastructure, investment and commerce, IT, electronics and communication (IT,E and C) sector got Rs 453.56 crore. The Friday’s budgetary allocations were 0.88 per cent and 54.95 per cent lower than those made in 2018-19.
However, the government, besides aiming to create one MSME park in each of the 175 constituencies at the rate of 40 parks a year, is also anticipating Rs 4,174.5 crore investments, which would create 83,758 jobs, in the MSME sector. Similarly, Rs 7880 crores of new investments are targeted in large and mega Industries with an employment potential of 25,047. Finance Minister Buggana Rajendranath Reddy said that special emphasis would be made on MSME creation. “The government is also planning to provide necessary facilitation for setting up new units as well as assistance to revive stressed units,” he said. He further added that the government was in the process of enacting a Bill to provide 75 per cent reservation to local youth in the industries which avail incentives.
In IT sector, the government aims to attract Rs 250 crore investment proposals and has also plans to create a built-up space of 5 lakh sft for technology parks. In electronics segment, it has targeted Rs 2,000 crore investments.
Rs 4,175.5 cr investments targeted in MSME sector
The government, besides aiming to create one MSME park in each of the 175 constituencies at the rate of 40 parks a year, is also anticipating Rs 4,174.5 crore investments, which would create 83,758 jobs, in the MSME sector. Similarly, Rs 7880 crores of new investments are targeted in large and mega Industries with an employment potential of 25,047. Finance Minister Buggana Rajendranath Reddy said that special emphasis would be made on MSME creation