Telangana Commissioner for Industries Jayesh Ranjan stated on Friday that the newly designed industrial policy of the state will provide a supportive role for Small and Medium Enterprises or SMEs. He was addressing a convention on ‘Funding MSMEs to Stimulate Growth’ in Hyderabad.
Mr. Ranjan said, “Telangana will have a new industrial policy from December 1 that has been approved by the state assembly yesterday. It speaks about a separate empowered State-Level Bankers’ Committee exclusively for SMEs and creation of an Insurance Fund as well”.
“In order to ensure that state-level Bankers’ Committee is also be able to adequately devote time and attention to specific needs of SMEs, we have proposed in the new industrial policy that there will be a separate empowered State-Level Bankers’ Committee for SMEs”, added Mr. Ranjan.
He further said that the government is concerned about the growing incidence of sickness in the SME sector. “The fund has not been created in the present budget. But in the next budget (2015-16), we will be providing some kind of Insurance Fund for SMEs which are potentially likely to become sick”, added Ranjan.