Andhra Pradesh Govt To Launch YSR Navodayam Scheme To Assist Small and Medium Scale Industries

The YSR Navodaya Communication Scheme all set to be launched by the government on Thursday to provide financial assistance to micro and small medium-sized (MSME) industries. About 80,000 units will be benefited from the scheme. The CM announced the scheme to cover the MSMEs, which will employ millions. The state government has already issued Rs 10 crore for financial support to MSMEs under the YSR Navodaya Scheme.

The scheme applies to MSMEs who have borrowed up to a maximum of Rs. 25 crores. The government will provide the financial assistance needed to renew accounts under one-time restructuring.

The preparation of the audit report will support 50% of the cost of production and a maximum of Rs 2 lakh. These companies will be releasing past financial incentives. About 3000 crore subsidy amount was not distributed to the industries. The scheme is open till 31 March 2020. The state government will implement the scheme in cooperation with the Reserve Bank of India.