The new policy will also have a state government-level credit guarantee scheme, he said, adding the government would like to work out a system wherein it is able to guarantee each and every SME application posted before the bank
Telangana's new Industrial policy will have measures to support Small and Medium Enterprises (SMEs) in the state, a senior official said.
"Telangana has a new industrial policy from December 1 that has been approved by the state assembly. It speaks about a separate empowered State-Level Bankers' Committee exclusively for SMEs and creation of an Insurance Fund as well," Telangana Commissioner for Industries Jayesh Ranjan said.
He further added, "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."
The new policy will also have a state government-level credit guarantee scheme, he said, adding the government would like to work out a system wherein it is able to guarantee each and every SME application posted before the bank.
"We are 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," he said.
"Their trajectory will be monitored and at any point of time when there are enough evidence to indicate for financial intervention for that industry/SME to avoid sickness, relief will be provided from the Insurance fund," Ranjan added, who is also Vice-Chairman and Managing Director, Telangana State Industrial Infrastructure Corporation.
On other features in the policy, Ranjan said there is huge industrial land bank close to 2.5 lakh acres in the state.
"The land will be converted into industrial parks and plots would be reserved for SMEs and micro sector in each park," he said.