VIJAYAWADA : Finance Minister Buggana Rajendranath has said the industrial sector has witnessed rapid progress in the past five years. During his budget speech, he said a special industrial incentive package for SC and ST entrepreneurs was extended under the YSR Jagananna Badugu Vikasam as part of the Industrial Development Policy 2023-27.
As many as 55 new clusters were identified under the MSE Cluster Development Programme. Six Common Facility Centres were accorded final approval by the Centre with the employment generation potential of 37,400.
Three infrastructure development projects were completed and 18 projects are under implementation with the employment generation potential of 15,144, he explained.
“Our government is also working on the expeditious implementation of major industrial corridors like Visakhapatnam - Chennai Industrial Corridor, Chennai - Bangalore Industrial Corridor and Hyderabad - Bangalore Industrial Corridor for promotion of industries, including MSMEs,” he said.
The AP Information Technology Policy 2021-24 and the AP Electronics Policy 2021-24 are being implemented for promoting investments. Since 2019, 65 new IT companies have been established, providing employment for 47,908 people, he highlighted.