Tirupati: Sri City hails CM YS Jagan Mohan Reddy's move

Tirupati: The Sri City industrial community as whole hailed the decision of Chief Minister YS Jagan Mohan Reddy for releasing the outstanding industrial incentives from 2014-15 to the tune of Rs.905 crore and waiving the minimum power demand charges for three months to all micro, small and medium enterprises (MSMEs) in the state. The CEOs of the industrial units consider this as a boon during the present crisis.

Also, to provide input capital to the firms at low interest rates, the Government will allocate Rs.200 crore. It has decided to postpone the collection of minimum power demand charges for April, May and June, without any penalties or additional charges.

Thanking the CM and Minister for Industries M Goutham Reddy on behalf of all the industrial units in the mega industrial park, Sri City MD Ravindra Sannareddy said that the decision gives a lifeline to thousands of ailing MSMEs in the state.

These dues were remained unpaid for several years. This decision will certainly help MSME units situated in Sri city too, which are very badly affected due to lockdown, to carry out their day to day activities and also to overcome the present financial crunch.