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01/05/2020 07:36am

AP govt to clear Rs 905 cr pending incentives for MSMEs

image AP govt to clear Rs 905 cr pending incentives for MSMEs

Hyderabad, May 1 (KNN) The Andhra Pradesh (AP) government has decided to clear all the pending incentives for the Micro, Small and Medium Enterprises (MSMEs) due since 2014 amounting to Rs 905 crore. 

''The Rs 905 crore of pending incentives for the MSME sector will be paid in two instalments in May and June. The AP government has decided to waive the Rs 188 crore of power demand charges for three months of April, May and June,'' the chief minister’s office said in a statement.

Further in a bid to give more relief to COID-19 affetced MSMEs, Chief minister YS Jagan Mohan Reddy has also order to extend the sector Rs 200 crore of low-interest working capital.

As per the the state government, the decisions will benefit more than 97,000 MSME units, including 72,531 micro enterprises, 24,252 small scale units and 645 medium scale entities, which together provide employment to 9.68 lakh persons.

Reddy led AP government has also decided defer the minimum demand charges on electricity and waive the penalties and additional charges for major and heavy industries like textiles, which the government hopes should help the enterprises augment working capital needs.

Further, the government said it will also look at clearing the pending incentive dues to the major and heavy industries like textiles and will take a call after the union government announces its revival measures for the sector.


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