Vijayawada, May 4 (KNN) The AP Chambers of Commerce & Industry Federation (AP Chambers) has urged Chief Minister, YS Jagan Mohan Reddy, to release all pending incentives to Micro, Small and Medium Enterprises (MSMEs) as many industries in the state are still waiting to receive them.

AP Chambers president Pydah Krishna Prasad informed that around Rs 200 crore incentives for MSMEs and Rs 200 crore for large units in the food processing sector are pending for a long time, along with Rs 1,400 crore to spinning and textile units and Rs 1,000 crore to other MSMEs.

“The timely release of incentives is crucial for the survival of the MSME sector, which is the backbone of the State economy generating significant employment. The release of all pending incentives will provide relief to MSMEs and enable them to thrive,” he said.

As per reports, the state government had promised to release the pending incentives first by September 2022 and then by January 2023 before the Global Investors Summit in Visakhapatnam.

Last year in September 2021, the Andhra Pradesh government had come to the rescue of industries by releasing incentives to the tune of Rs 1,124 crore. (KNN Bureau)