Mr. Y.S. Jagan Mohan Reddy, the Chief Minister of Andhra Pradesh, is going to release an amount of Rs. 1,124 crores.
The amount would be given to Micro, Small and Medium Enterprises (MSMEs) as incentives today, the 3rd of September. 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 business would also get the released money from the Yuvajana Sramika Rythu Congress Party (YSRCP.)
It is to be noted, the Andhra Pradesh Chief Minister would release 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.
In May 2020 also, the Y.S. Jagan Mohan Reddy Government provided incentives of Rs. 450.27 crores to MSMEs under the restart package and Rs 453.64 crores in June. In addition, Rs. 58.51 crores was given to food processing units in June.
It is to be noted, since 2019, after the YSRCP Government came into power, a total of 68 major industries started production with a capital of Rs. 30,175 crores and provided employment to 46,119 people. Now, 62 more major industries are coming up with an investment of Rs. 36,384 crores which would provide employment to 76,916 people.
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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