Andhra Pradesh MSMEs Urged to Embrace ESG for Global Competitiveness and Sustainability
Minister for MSME and NRI Affairs, Kondapalli Srinivas, called on Micro, Small, and Medium Enterprises (MSMEs) in Andhra Pradesh to adopt Environmental, Social, and Governance (ESG) principles to boost their sustainability and global competitiveness. Speaking at the Awareness Workshop on ESG & Sustainable Growth, he highlighted the significant contribution of MSMEs to India’s economy, with a 30% share in GDP, 45% of exports, and employment for over 11 crore people.
The event, organized by FICCI Andhra Pradesh State Council, FICCI Centre for Sustainability Leadership, and Visakhapatnam Chamber of Commerce & Industry (VCCI), aimed to equip local businesses with tools to implement sustainable practices. Minister Srinivas emphasized the importance of national reforms, including GST rationalization, which have eased financial burdens on MSMEs while promoting industrial growth.
Srinivas also detailed the state government’s efforts to support MSMEs, including the creation of MSME Parks in all 175 Assembly Constituencies, especially in rural areas, to reduce operational costs and generate employment. He spoke about the establishment of Common Facility Centres (CFCs) in sectors like gold, textiles, and pharmaceuticals, as well as initiatives to promote clean energy in manufacturing.
Looking ahead, the Minister reiterated the state’s goal of making Visakhapatnam a global investment hub, with major upcoming international events such as the GCC Summit, India E-Governance Summit, and Global Partnership Summit. He assured continued government support for MSMEs in their journey toward sustainability and global competitiveness.
Thammireddy Sivasankara Rao, Chairman of the Andhra Pradesh MSME Development Corporation (APMSMEDC), also stressed the need for MSMEs to embrace sustainability to remain competitive in the global market. He pointed out that environmental issues, including climate change and non-compliance with international standards, have led to the rejection of Indian exports. Sivasankara Rao urged financial institutions to provide timely support to MSMEs, recognizing the vital role such assistance plays in fostering long-term growth and competitiveness.
This workshop marks a critical step in helping MSMEs understand and integrate sustainable practices, ensuring their ability to thrive in an increasingly eco-conscious global market.