Mr. Y.S. Jagan Mohan Reddy, the Chief Minister of Andhra Pradesh, released second incentives to Micro, Small and Medium Enterprises (MSMEs.)
The State Chief Minister released an amount of Rs. 1,124 crores as incentives at the Yuvajana Sramika Rythu Congress Party (YSRCP,) office in Tadepalli. The investment of the huge amounts for MSMEs would open opportunities for small businesses, providing 12 lakh jobs to the people of A.P. Besides MSMEs, textile and spinning mills businesses would also get the released money from the ruling Government. The released money would directly be transferred to the bank accounts of the selected MSMEs and Textile companies.
It is to be noted, the Andhra Pradesh Chief Minister released Rs. 440 crores to MSMEs and Rs. 684 crores to textile/spinning mills. The incentives are given to the MSMEs and small businesses which are suffering losses due to the ongoing pandemic of the Wuhan virus.
While the second incentives were releases today, the 3rd of September 2021, the first one worth Rs. 450.27 crores to MSMEs under the restart package and Rs 453.64 crores were given in 2020 May-June. In addition, Rs. 58.51 crores was given to food processing units in June 2020.
The State Government also cleared the dues of Rs. 1,580 crores, which was pending during the previous Government of A.P., led by the Telugu Desam Party (TDP.)
With this, the incentives disbursed to the MSME sector in the last two years reached nearly Rs. 2,087 crores.
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