Amaravati, May 10 (KNN) Andhra Pradesh Minister for MSME and NRI Affairs, Kondapalli Srinivas, laid the foundation stone for the state’s first MSME park in Balighattam, Vizianagaram district, on Friday. 

The development marks the beginning of the state’s ambitious plan to establish 175 MSME parks across Andhra Pradesh.

The Balighattam MSME park will be developed on 57 acres with an initial investment of Rs 7 crore. This facility is designed to accommodate 76 small-scale industries, with projected investments reaching Rs 96 crore. 

Once operational, the park is expected to generate approximately 1,500 direct employment opportunities and an additional 500 indirect jobs.

“The state government is committed to creating an environment conducive to industrial growth,” Minister Srinivas stated, assuring entrepreneurs of comprehensive support. 

The minister highlighted that the government plans to establish MSME parks in all constituencies, with 50 parks scheduled for development in the first phase.

Vizianagaram district has been allocated four MSME parks to be established across S. Kota, Gajapathinagaram, Bobbili, and Nellimarla constituencies. 

The minister outlined several incentives designed to attract investment and support emerging businesses. 

“Land with all necessary facilities will be allocated to industrialists in these parks,” he explained. 

The incentive package includes subsidies ranging from 25 percent to 45 percent, concessions on electricity charges and taxes, and facilitated access to bank loans.

(KNN Bureau)