Vijaywada, July 20 (KNN) In order to promote Micro, Small and Medium Enterprises (MSMEs), the State Cabinet is going to launch a scheme titled YSR Navodayam.

Cabinet met under the chairmanship of Chief Minister Y.S. Jagan Mohan Reddy discussed about the MSMEs.

YSR Navodayam scheme will benefit the MSMEs, whicha are facing a financial crisis for three years. The government proposes to provide a one-time grant of 4,000 crore for restructuring to the MSMEs so as to ensure that they do not become Non-performing assets (NPAs).

In Andhra Pradesh there are more than 86,000 MSMEs and would be given nine months to utilize the opportunity.

The Cabinet approved a proposal to give 10,000 financial aids to weavers, barbers and tailors.

Cabinet gave its approval to enact a new legislation to promote investments in the State. For which, Andhra Pradesh Investment Promotion and Monitoring Act -2019 Draft Bill will be promulgated.

Also it approved Bills relating to the employment to youth. Local unemployed youth would be entitled to 75% of jobs in industries in their areas. The people who lost lands in land acquisition for setting up industries would be provided employment in those industries.

The government proposes to provide free electricity up to 200 units to SCs, for which it has to shell out 411 crore. As many as 15, 62,648 people will be benefited.