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Our Bureau

Hyderabad June 8 The Andhra Pradesh State Finance Corporation (APSFC) has given on-the-spot approval for 67 projects, totally estimated at Rs 281.09 crore, submitted by entrepreneurs from the districts of Medak, Ranga Reddy and Nizamabad.

The Chairman of APSFC, Mr J. Rambabu, said that the small and medium enterprises (SME) segment is very vital to the development of the country and assured all necessary support to help them expand their operations.

SME sector

Interacting with the entrepreneurs directly at the business development campaign held here at the Jubilee Hall, he said that globally the small and medium enterprises segment is playing a significant role providing employment to nearly 60-70 per cent of the total employees in the sector.

This clearly illustrates that there is a huge opportunity for the entrepreneurs in these sectors to invest in new projects.

However, he suggested that these SMEs needed to meet stringent international standards in all aspects to compete with global players.

The Managing Director of APSFC, Mr A. Giridhar, described the SMEs as sunrise sector in the country and assured entrepreneurs of continued APSFC support.

According to an official statement, of the 67 project proposals, Ranga Reddy accounted for about 32 of them, followed by Medak 16, and Nizamabad 2 and the rest from other districts.

The sectoral break-up showed that the proposals covered drugs and pharmaceuticals, chemical and biotechnology, electrical and electronics and IT-related, commercial complexes, food and agro-based areas among others.

More Stories on : New Projects | Financial Institutions | Andhra Pradesh

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