HYDERABAD: The Andhra Pradesh government has unveiled the new Industrial Development Policy for 2020-23. The policy was released by Minister for Industries Mekapati Goutham Reddy in a function held at Vijayawada.
The highlight of the policy is ‘YSR AP One’, a new multi-faceted capability centre which is to be set up in the state. The new centre will offer ten key services including entrepreneurship facilitation, sales support and MSME revitalisation. The new policy will focus on supporting existing units along with facilitating new units. The policy for 2020-23 also proposes interventions across infrastructure, ease of doing business, skill development, business enablement and fiscal incentives. Notable interventions include complete zoning and pre-clearance of industrial land in the state and setting up of MSME parks with plug and play facilities. The state government also proposes to provide deemed approval with a grace period of 3 years for all green category MSMEs. 30 skill centres and 2 skilling universities will also be established in the state. Global immersion programs shall be started to provide global exposure to top talent in the state too.
The fiscal incentives proposed for MSMEs include 100% reimbursement of stamp duty, power subsidy of Re 1/unit, reimbursement of 100% of net SGST, 15% investment subsidy and interest subsidy up to 3%. For medium, large and mega industries, net SGST reimbursement linked to employment generation has been proposed. The policy also lays down additional incentives for units owned by special category and women entrepreneurs.