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Vijayawada: 905-crore sops cleared for MSMES

Banks speed up loans for MSME sector
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Banks speed up loans for MSME sector
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Vijayawada: Chief Minister YS Jagan Mohan Reddy decided to clear the long-standing incentives to the micro, small and medium enterprises (MSMEs) up to ...

Vijayawada: Chief Minister YS Jagan Mohan Reddy decided to clear the long-standing incentives to the micro, small and medium enterprises (MSMEs) up to Rs 905 crore, said industries minister Mekapati Gautham Reddy.

Addressing the media here on Thursday, the minister said that the Chief Minister had taken the decision in an attempt to revive the industries in the state. He said that half of the incentives would be paid in May and the rest in June.

The industries minister said that it was also decided to waive the power demand charges worth Rs 188 crore for the months of April, May and June to the MSMEs. In addition, the MSMEs would be provided with the working capital of Rs 200 crore at low rate of interest.

He stated that the incentives including Rs 828 crore, which have been pending since 2014, would be cleared now.

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