Vizag set to welcome 75 new MSMEs, to allocate 120 plots of land

Around 75 new Micro, Small and Medium Enterprises (MSMEs) are set to come up at Gurrampalem Industrial Park in Visakhapatnam, according to media reports. A District Industries Promotion Committee meeting resulted in the agreement to allocate 120 plots in the park to these new units.

The plots in the Gurrampalem Industrial Park were allotted during the meeting, based on the proposals submitted by entrepreneurs. In keeping with the state’s new policy to promote MSMEs on a large scale, the committee has allocated four plots at the Narsipatnam-Rachapalli Industrial Park for a new MSME unit. According to reports, the committee also screened 30 claims submitted for the industrial promotion incentives. It is estimated that around 23 of these claims have been accepted and Rs 82 lakh is set to be disbursed to them.

The officials were directed to send proposals to the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) for the construction of a post office, health centre, canteen and ATM kiosk during the meeting, where representatives of several MSME units were present. They also decided to send proposals to Greater Visakhapatnam Municipal Corporation (GVMC) to lay roads at Tunglam and Tokada village roads.

The move comes a few months after the state demonstrated its keenness to be a top fintech hub. The committee is determined to make Vizag the go-to destination for financial technology, and has laid out a plan to attract an investment of Rs 500 crore in the next year. It is also known for its initiative ‘Fintech Valley’, a programme which seeks to nurture startups and small businesses and speed up the process of upscaling by providing access to technology resources, mentoring on fundraising, legal guidance and market access to over a million customers from partner financial institutions.