Andhra Pradesh government on Friday credited ₹1,124 crore towards incentives for Micro, Small and Medium Enterprises (MSMEs) and textile units across the State to benefit 97,423 units and over 12 lakh employees.

Chief Minister YS Jagan Mohan Reddy has formally released ₹440 crore to MSMEs and ₹684 crore to textile and spinning mills, including the rebate on electricity bills in Amaravati. So far, the State government had spent a total of ₹2,086 crore on the MSME sector, which includes clearing the pending arrears left by the previous government totalling around ₹1,588 crore. About 62 percent of the MSMEs which were run by the BC, SC, ST and Minorities and 42 percent that are operated by women have been benefited with the government’s incentives.

Speaking on the occasion, the Chief Minister said supporting MSMEs is more like saving the State economy amidst the pandemic crisis, when the world economy is at minus (-)5.2 percent, where even the global markets have been eroded due to Covid.

Investments

In the last 27 months, the government provided over 25 welfare schemes to the people without discrimination even in difficult times, due to which the purchasing power has been sustained eventually leading to the sustainment of the MSME and industrial sector, he added.

Over 68 major industries had invested a capital of ₹30,175 crore and provided direct employment to 46,199 people. In addition, by investing ₹34,384 crore, another 62 mega industries are also being set up and provide employment to 76,916 people, the Chief Minister said according to a release.

Related Topics
comment COMMENT NOW