Vijayawada, Aug 25 (KNN) Andhra Pradesh (AP) Chambers of Commerce and Industry Federation urged the bankers of HDFC Bank to provide loans to micro, small and medium enterprises (MSMEs) in the state.

On Wednesday, AP Chambers organised “Managing Working Capital Funds Efficiently” interactive session in collaboration with HDFC Bank at its Hall.

Addressing the meeting, Potluri Bhaskara Rao, President-elect of AP Chambers said that in the state almost 99 per cent of the units come under the MSME category.

“MSMEs are currently the worse hit sector. I urge the bankers to come forward and extend credit facilities to MSMEs,” he said.

Rao further explained the damage caused by the economic recession in 2018 and how MSMEs were the worse-hit sector.

He also stressed on the exponential rise in production costs owing to the covid-19 pandemic and the Russia-Ukraine war.

The high labour costs have added to the woes of the MSMEs which calls for timey access to credit facilities.  (KNN Bureau)