Vijayawada: FAPCCI hails new industrial policy

Vijayawada: The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI), welcoming the new the industrial policy of the State Government for 2020-23, stated that the policy has given emphasis to create a better ecosystem for attracting industries so as to generate more employment opportunities.

FAPCCI president C V Atchut Rao, said in a statement here on Monday that with this new policy the industrial activity will pick up momentum in the state. The policy was framed in such a way so as to encourage industrialists to make the state their destination.

"We are sure that the policy would create better ecosystem for entrepreneurs, through which the government has intended to provide the needed infrastructure, skilled labour availability and support to the industrial units by creating an App "YSR APONE". We look forward that this app would resolve the issues of all existing and new entrepreneurs," he said.

Atchut Rao expressed pleasure over the policy that focused mainly on providing ready-built pre-cleared facilities and skill development centres which can serve as base for growth of the state of AP. He thanked the government for addressing the basic issues of MSMEs through the policy which also aims to create a competitive ecosystem for new industries and start-ups.

Referring to the fiscal sops for new enterprises in the MSME sector like stamp duty, non-claimable SGST, 25 per cent of land conversion charges up to Rs 10 lakh, interest subsidy of 3 per cent on term loans for five years and 35 per cent investment subsidy up to Rs 50 lakh and fixed power cost reimbursement at the rate of Rs 1.25 per unit for five years for MSMEs, Atchut Rao said that these will go a long way in promoting and creating more MSMEs in Andhra Pradesh.