Amaravati, Oct 18 (KNN) Andhra Pradesh Chief Minister YS Jagan Mohan Reddy on Thursday launched YSR Navodayam, a scheme to promote Micro, Small and Medium Enterprises (MSMEs).

The YSR Navodayam initiative endeavours to promote more than 86,000 MSME units in the state. The state government has released ten crores for this purpose and has issued directions for the same.

The scheme would benefit the MSMEs, which were facing a financial crisis for three years. The MSMEs would be given 9 months to utilise the opportunity and the banks would reschedule the loans accordingly. The Government has instructed all banks to clear the loans by March 31 2020.

Committees will be formed under the supervision of district collectors who will verify the MSMEs operating in losses, there will be district-wise possibility of more grants of loans for immediate investments which will be utilised within Nine months.

2018 APEDM Law will be replaced by a new Andhra Pradesh Investment Promotion and Monitoring Act -2019 Draft Bill for attracting investments, branding, supervision, and approval for new projects and regulations to prevent pollution and frame new environmental laws.

Some of the features of the scheme are to constitute a board to frame these laws for which the Chief Minister will be the Chairman along with seven directors. The seven directors will be the Finance and Industries ministers, Chief Secretary, and other officials.

To have a permanent special advisory board in the APIPMA. The board to have CEOs of prominent companies, Industrialists, Financial experts.

The launch event also saw Finance Minister Buggana Rajendranath, CS LV Subramanyam and other senior officials.

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