The Hindu Business Line : Govt to infuse Rs 50 cr in APSFC

THE State Government has decided to infuse Rs 50 crore into the Andhra Pradesh State Financial Corporation (APSFC) during the current fiscal to improve its capital base.

Speaking at a seminar on small and medium enterprises, the State Industry Minister, Ms J. Geetha Reddy, congratulated the corporation on its performance and said that the Government has decided to allot 100 acres to it to develop it as an industrial estate, wherein plots would be allotted to applicants setting up small-scale units.

The corpus would also enable the APSFC to provide financial assistance to these small industries.

The Minister also released a special brochure brought out by the APSFC titled `Investment opportunities in Andhra Pradesh'.

The APSFC Chairman, Mr M. Gopalakrishna, said that SMEs in India account for only 11 per cent of the GDP, while their contribution is 30 per cent in China, 51 per cent in the US, 56 per cent in the European Union, and 60 per cent in Sweden.

APSFC will seek to enhance credit limits for small units and women entrepreneurs.

Referring to the SME Development Bill, Ms Reddy said that the Bill has defined a medium-scale enterprise as one having investment in plant and machinery above Rs 5 crore and up to Rs 10 crore.

She added that the State Government was keen to develop world-class infrastructure to foster growth of SMEs in the State.

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