Flatted Factory Complex launched to boost MSME growth in Vizag
The State government is launching a Flatted Factory Complex in Visakhapatnam to support the growth of Micro, Small, and Medium Enterprises (MSMEs). This initiative is part of a broader effort to enhance infrastructure and provide financial incentives for entrepreneurs. The project aims to foster grassroots entrepreneurship and is accompanied by the establishment of multiple industrial parks across the state.
- ▪The Flatted Factory Complex has a budget of ₹14.5 crore and will accommodate 36 entrepreneurs.
- ▪Andhra Pradesh has introduced 28 distinct policies to boost industrial growth over the last two years.
- ▪The state secured 16% of national inbound investments in its first year and 25% in the second year.
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The State government is committed to driving Micro, Small, and Medium Enterprises (MSMEs) growth by prioritising infrastructure and financial incentives, Visakhapatnam district Collector M. Abhishikth Kishore said on Monday.Speaking after laying the foundation stone for a ₹14.5-crore Flatted Factory Complex (FFC) at Kancharapalem in Visakhapatnam North constituency, Mr. Kishore said the flagship goal is to nurture grassroots entrepreneurship through the “One Family, One Entrepreneur” initiative.The event coincided with Chief Minister N. Chandrababu Naidu virtually launching 38 industrial parks across the State from Vijayawada.Out of seven sanctioned Small and Medium Enterprise (SME) parks in the district, foundation stones are laid for six. The Pedagantyada park is operational.
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