CM YS Jagan releases second tranche of Rs. 548 crore for MSMEs to clear pending incentives

The Andhra Pradesh government has been giving sops to Medium and Small scale Enterprises in the state amid fall in the production. As part of this, the second phase of financial incentives for MSMEs in the state was released by Andhra Pradesh Chief Minister Jagan Mohan Reddy. Funds for MSMEs was released by the video conference held at the CM camp office on Monday in Tadepalli.

It is noted that the small industries in the state be provided loans from Rs. 2 lakh to 10 lakh for less interest. To this end, Rs. 548 crore has been released and provided 6 month moratorium to 97,428 small and medium scale enterprises. On the other hand, fixed electricity charges were also waived off for the month of April, May and June amid Coronavirus lockdown.

The chief minister emphasised on the need of support of government to the industries. "The previous government had raised Rs. 800 crores for MSMEs while YSRCP government has allocated 1100 crores for this program; spinning Mills will also provide similar assistance," CM said.