The State government has requested Reserve Bank of India to accord special status on the lines of non-banking financial corporation to its Industrial Health Clinics initiative.
Industries and Information Technology Minister K.T. Rama Rao made an appeal to RBI Governor Urjit Patel in this regard. Mr. Rama Rao, who was in Mumbai on Monday to participate in the annual global investors meet, called on the RBI Governor and discussed about the measures that should be initiated to strengthen the micro, small and medium enterprises.
Promoting investments
He sought the cooperation of the apex bank in promoting investments in the sector which was contributing to more than 40 per cent of the country’s exports. He lamented that several of these MSMEs were turning sick for want of proper assistance from the banking sector. He explained that there were more than 69,000 micro and small enterprises in Telangana, of which 8,618 turned sick. The Government had accordingly identified the problems faced by these units and initiated remedial measures through Industrial Health Clinics. These clinics, set up with a corpus of ₹ 100 crore, would work as bridge between the financial institutions and the industry for enabling the latter to avail financial assistance.
In his meeting with ICICI Bank CEO Chanda Kochhar, the Minister requested her to partner with the State Government in its developmental projects. He explained her about the initiatives launched by the State like Industrial health clinic, women entrepreneurship and digital initiatives. During his meeting with JSW group chairman Sajjan Jindal, Mr. Rama Rao requested him to invest in Telangana which offered huge potential and opportunities. The Minister wanted Lupin Group to invest in the upcoming pharma city, being developed as one stop shop for pharma sector, when he met its chairman Nilesh Gupta.
Delivering his address at the meeting later, the Minister explained the government’s efforts to accelerate industrial growth in the State. The Government was working with commitment akin to a start up firm in this direction and the Government’s policies on industrial promotion drew national and international applause.