The Andhra Pradesh Government launched a scheme called YSR Navodayam on Thursday. The scheme aims to bail out micro, small and medium enterprises (MSMEs) in the State and provide them financial relief by restructuring their bank loans before March 31,2020.
The state’s Chief Minister YS Jaganmohan Reddy inaugurated the scheme at his camp office at Tadepalli and then conducted a review meeting.
Under the scheme, about 80,0000 MSMEs in the State would be benefited as their bank loans, that are subject to a ceiling of Rs 25 crores, would be restructured. They would get more financial support and more time to pay back the loan.
The state’s Finance Minister B Rajendranath said MSMEs were perpetually plagued by working capital shortage and many of them were becoming non-functional due to the problem. The State Government launched the scheme to rescue them. The district collectors would form committees and identify the eligible MSMEs.