The Andhra Pradesh (A.P.,) Government, on the 1st of May, took a few decisions to help Micro, Small and Medium Enterprises (MSMEs) to boost the economy.
Considering the losses sustained by the MSMEs, the Yuvajana Sramika Rythu Congress Party (YSRCP) Government decided to waive off electricity charges for 3 months and 50 % of all pending industrial incentives would be given.
The YSRCP released a statement regarding the same, which read, “”All Fixed Charges/Minimum Demand Charges that over 97,400 MSMEs would have to pay for their electricity for the months of April/May/June will be waived by the Government.”
The State Government would disburse an amount of Rs, 904 cores, pending industrial incentives to MSMEs. The incentives would be cleared in two phases, 50 % would be in May and remaining would be released in June.
The YSRCP also decided to provide working capital loans to MSMEs at lower interest rates to overcome the COVID-19 crisis. The State Government would make available a fund of Rs. 200 crores as loans of Rs. 2 to 10 lakhs to these MSMEs
Ghowtham Reddy, the Information Technology (IT,) Commerce and Information Technology Minister of A.P., said, “This will help the MSMEs cope with the economic impact of COVID-19. A total of 97,400 MSMEs, which employ over 9.7 lakh people, to benefit from these decisions.”
Meanwhile, the State recorded a total of 1,463 cases with 60 new cases of COVID-19, on the 1st of May.
Stay tuned for further updates.
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