Vijayawada: Andhra Pradesh Chief Minister N. Chandrababu Naidu on Monday said micro, small and medium enterprises (MSMEs) are the backbone of the country’s economy and a platform for youth aspirations.

Participating in the MSME Growth Summit in Vijayawada, the Chief Minister visited exhibition stalls and reviewed products developed by startups. He also laid the foundation stone for 38 industrial parks.

Addressing the gathering, Naidu said MSMEs are the largest source of employment after agriculture. He noted that the sector plays a key role in promoting women entrepreneurs and bringing their products to global markets.

He announced that the state aims to establish one crore MSMEs and is offering special incentives for SC, ST, and BC communities. The government plans to set up 175 MSME parks—one in each constituency—adding to the existing 550 industrial parks in the state. He emphasized that these parks should serve as hubs for innovation and new ideas.