MSMEs Are the Backbone of India’s Economy: CM Chandrababu Naidu

Andhra Pradesh Chief Minister N. Chandrababu Naidu stated that Micro, Small and Medium Enterprises (MSMEs) are the backbone of the country’s economy and a major platform for youth aspirations and innovation. Speaking at the MSME Growth Summit held in Vijayawada, the Chief Minister visited exhibition stalls and reviewed products developed by startup companies. He also laid foundation stones for 38 industrial parks and highlighted the importance of MSMEs in generating employment after the agriculture sector.

Chandrababu Naidu said MSMEs play a key role in promoting women entrepreneurs and bringing local products to global markets. He announced that the state government aims to establish one crore MSMEs across Andhra Pradesh and is developing 175 dedicated MSME parks, one in each constituency. He further stated that special incentives are being provided for SC, ST and BC communities, while the state already has 550 industrial parks supporting industrial growth and entrepreneurship.