Vijayawada: CM YS Jagan Mohan Reddy to release Rs 431.58 cr today

Vijayawada : Chief Minister YS Jagan Mohan Reddy will deposit a total of Rs431.58 crores, including new interest-free loans through banks worth Rs 417.94 crores to 3,95,000 small and marginal traders and artisans Rs10,000 each and Rs13.64 crores to 5.81 lakh beneficiaries as interest subvention out of 16,73,576 total beneficiaries on Thursday, January 11.

To help the poor petty traders and artisans become self-reliant, interest-free loan of Rs10,000 per annum is provided. To those who took loans and repaid on time, an increment of Rs1,000 is given each year in addition to Rs 10,000 up to Rs13,000 as interest-free loan.

In addition to the interest reimbursement of Rs13.64 crore being provided on Thursday, the YSRCP government has so far reimbursed a total of Rs88.33 crore as interest to 15.87 lakh beneficiaries, who have repaid their loans on time.

According to a statement from CMO, so far, a total of Rs 3,373.73 crore worth interest-free loans have been provided to petty traders, including Rs 417. 94 crores being distributed on Thursday to 16,73,576 beneficiaries.

The street vendors, who sell vegetables, fruits and food products on push carts, establish roadside Tiffin centres, hawk products in baskets and sell products on motorcycles and autorickshaws andthose artisans engaged in making brass works, Bobbili Veena, Etikoppaka and Kondapalli toys, Kalankari, puppets, lace works and other traditional craftsare eligible for Jagananna Thodu.

The statement said Andhra Pradesh is setting an example for the country in supporting small businesses.

The current government provides a full interest subsidy (from 7.32 per cent to 15.85 per cent) under ‘Jagananna Thodu’.