Industry & Economy
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SSI
Reduce rates for small-scale sector: FAPI
Our Bureau
Hyderabad
,
June 9
THE Federation of Andhra Pradesh Industries (FAPI) has asked the Union Government to reduce interest rates for the small-scale sector on par with the agricultural sector. It also wanted the Government to offer credit to the industry at six per cent.
Addressing a news conference here on Wednesday, Mr B.V. Rama Rao, President of FAPI, said the association would meet the Prime Minister and Finance Minister next week to submit a memorandum .
He also wanted the Government to reduce the Central Excise tax to 10 per cent from the present 16 per cent.
He said a FAPI delegation met the Chief Minister, Dr Y.S. Rajasekhara Reddy, on Monday and discussed with him several problems that dogged the industry in the State.
He wanted the Chief Minister to set up a corporation to provide marketing linkages, raw materials and finances at cheaper rates for the SSIs.
According to him, the Chief Minister assured the delegation to take initiatives to encourage SSIs, the second largest employment provider after agricultural sector.
"The State is home to huge gas reserves. We asked the Chief Minister to give preferences to local entrepreneurs to start gas-based power projects. Besides encouraging the local industrialists, this would also result in generating power at cheaper rates," Mr Rama Rao pointed out.
Stating that land cost is prohibitive in the State, he cited the example of Parawada industrial estate (Pharma City) where land was being sold at Rs 20 lakh an acre.
"It is not affordable. The Government should reduce land costs at least by 50 per cent," he demanded.
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