Madhya Pradesh to form state-owned MSME industrial development company
Chief Minister Mohan Yadav announced the new entity and transferred over Rs 450 crore in incentives to 900 units.
Madhya Pradesh Chief Minister Mohan Yadav announced the formation of the MSME Industrial Development Company (MSME IDC) on Sunday. According to the Free Press Journal, the state-owned company will focus on the development of micro, small and medium enterprises by addressing land and infrastructure needs.
During a programme in Bhopal, Yadav transferred incentives exceeding Rs 450 crore to more than 900 MSME units. He also transferred Rs 47.80 lakh to over 120 startups.
The Chief Minister stated that private investors can develop industrial parks, for which the government will provide a Rs 50 lakh per hectare grant. He added that land for MSME units would be available in all districts within two months.
Yadav issued Letters of Intent for 75 industrial plots, which involve an estimated investment of approximately Rs 83 crore and the potential for 640 jobs. He also noted that 30 new industrial areas are planned by 2028 to provide plots for 5,000 industries.
MSME Minister Chetanya Kashyap said the state ranked first in the country for promoting MSMEs and providing startup grants. Kashyap noted that 1,250 industrial plots were allotted to entrepreneurs in the past year, with a target of 3,000 plots in the current financial year.