Financial Daily from THE HINDU group of publications
Thursday, Nov 03, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 03, 2005 |
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Industry & Economy
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SSI Money & Banking - Financial Institutions AP to take Rs 50-cr equity in APSFC Our Bureau
Hyderabad , Nov. 2 THE Andhra Pradesh Government will pick up Rs 50 crore equity in the AP State Financial Corporation (APSFC) to enable the Corporation offer loans at the lowest interest rates to the small-scale units. Announcing this here on Wednesday, the Chief Minister, Dr Y.S. Rajasekhara Reddy, said the fresh liquidity would help the Corporation subsidise the rate of interest. "This financial support will provide fillip to the SSI sector and enable the APSFC to mobilise large resources for financing more industrial units," he said. Addressing a gathering after inaugurating the Small Scale Industries Day-2005 celebrations here, he said the State Government will bring out a new policy for giving price preference to the SSIs in tender qualification. Stating that industrial sickness was a major hindrance to economic growth, the Government conducted a detailed survey to identify the reasons for sickness in SSIs. "An exclusive policy for rehabilitation of sick units has been prepared to provide special package of incentives. We will announce the policy soon," he said. Reminding the reduction in power tariff for the industrial sector by 16 paise last year, he said another round of tariff cut would be announced next year. Later, he presented the `Pearls of Andhra Pradesh' Awards for best entrepreneurs for the year 2004-05. Dr M. Ratna Sudha, Managing Director of Unique Bio Tech Ltd, received the first `best' award, while Mr V. Srinivasa Rao of Hemair Systems India Ltd got the second `best' award.
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