AP government announces new scheme for MSMEs

Amaravati: Chief Minister YS Jagan Mohan Reddy's government has announced a new scheme in relief for the micro, small and medium enterprises (MSMEs). The Cabinet has approved the new scheme under YSR Navodayam.

The AP government has brought this scheme to support the MSMEs which are facing the financial crisis for the last three years. The government has identified that around 86,000 MSMEs accounts in district wise.

The Cabinet has decided to allow a one-time restructuring of MSMEs loans of Rs 4,000 crore. With this policy, it is possible that the accounts will not freeze and will not becoming NPA. In the scheme, the MSMEs will be provided more credit and immediate investment.

The Cabinet has given nine months to utilize the scheme. Along with this, the Cabinet has also approved to provide the free electricity to SCs up to 200 units. With this nearly 15,62,684 SCs will be benefited.

For this project, the government is going to spend Rs 411 crore. The Cabinet approved the draft bill over the control and supervision of schools and higher education institutions in the state. The AP Cabinet focused on quality standards in the education institutions, fees control and implementation of the Right to Education Act.