CM YS Jagan Mohan Reddy to remit Rs 1,124 crore incentives to MSMEs, textile industries today

Amaravati: Chief Minister YS Jagan Mohan Reddy will credit Rs 1,124 crore incentives on Friday to MSMEs, textile/ spinning mills which are providing employment to nearly 12 lakh people. The CM will remit Rs 440 crore to MSMEs and Rs 684 crore to textile/ spinning mills.

It may be noted that the State Government provided incentives of Rs 450.27 crore to MSMEs under the restart package first on May 22 last year followed by Rs 453.64 crore on June 29, Rs 58.51 crore to food processing units on June 29, 2020 and now Rs 440 crore to MSMEs and Rs 684 crore to spinning mills.

After the YSRCP government assumed power, 68 major industries started production with a capital of Rs 30,175 crore providing employment to 46,119 people. In addition, 62 major industries are coming up with an investment of Rs 36,384 crore to provide employment to 76,916 people.

The State Government also cleared the dues of Rs 1,580 crore pending during the previous TDP regime. The State Government has been making efforts to attract investments of Rs 10,000 crore by setting up electronics units. YSR Electronics manufacturing cluster will be set up in Kopparthi at a cost of Rs 730.50 crore to provide employment to 30,000 people.