Big boost to industrial sector: FSME India
The Federation of Small and Medium Enterprises of India (FSME India) hailed the New Industrial Development Policy for 2020-2023 unveiled by the Andhra Pradesh government on Monday
Hyderabad: The Federation of Small and Medium Enterprises of India (FSME India) hailed the New Industrial Development Policy for 2020-2023 unveiled by the Andhra Pradesh government on Monday.
"The New Industrial Development Policy announced by the YS Jagan Mohan Reddy government is a practical exercise. The State government has promised what it can deliver. This policy will definitely fuel industrial growth and attract more investments into the State.
It gives a big boost for the Industrial sector," said APK Reddy, national president, FSME India. AP Industries Minister Mekapati Goutham Reddy and APIIC Chairman RK Roja unveiled the policy at the APIIC head office in Mangalagiri.
APK Reddy was also present at the unveiling ceremony. Reddy lauded incentives offered to key micro, small and medium enterprises in the new policy."The YSRCP government has been proactive towards MSMEs from the beginning.
The new policy also has a number of incentives for the sector," he said. "For new micro and small units, the government offers 100 per cent reimbursement of net State GST and a subsidy of Rs 1 per unit on power tariff for five years.
There is also 15 per cent investment subsidy on fixed capital investment limited up to Rs 20 lakh. There are also several other incentives which will give a big boost to micro and small enterprises," Reddy said.