The Andhra Pradesh Government is likely to launch a new industrial policy in the State.
On the 2nd of July, Y.S. Jagan Mohan Reddy, would launch the new policies.
The new policies would benefit industries in the State during the Novel Coronavirus or COVID-19 situation. Mr. Reddy, the President of the Yuvajana Sramika Rythu Congress Party (YSRCP) would launch after final modification and applying reviewed suggestions.
The launch event is expected to be organised at the YSRCP camp office, Tedapalli, Andhra Pradesh.
Minister Mekapati Goutham Reddy and others would participate in the review meeting to discuss the final modification.
The Government has reportedly decided to bring policy for only 3 years instead of the previously planned 5 years plan.
Meanwhile,recently the Andhra Pradesh Chief Minister extended the ReSTART package to MSMEs and released nearly Rs. 1,200 crores under the ReSTART package.
The ReSTART package launched by the YSRCP Government to boost MSMEs in the State amid the Novel Coronavirus.
The benefits of the ReSTART package:
- Waiver of fixed /demand charges against contracted maximum demand for MSME manufacturing and allied units for a period of 3 months from April 2020 to June 2020.
- Working capital loans – To enable the Micro and Small Manufacturing and allied Units for meeting the liquidity crisis, a loan of Rs. 2 Lakhs to Rs.10 Lakhs will be provided to MSMEs at 6% to 8% interest rate plus processing fee of 0.25 %.
The MSMEs which were functioning before the lockdown, giving employment are eligible for the benefits of this new revival package.
The new industrial policy would also encourage the new companies to venture in different sectors and the government already studied the possible opportunities for investment.
The policy would be launched after a review meeting, which is scheduled to be held on the 2nd of July.
Stay tuned for further updates.