AP CM Launches ‘YSR Navodayam’ to Promote MSMEs

Amaravati, Oct.17 (NSS): Andhra Pradesh Chief Minister YS Jagan Mohan Reddy today launched the ‘YSR Navodayam’, a scheme aimed at promoting Micro, Small and Medium Enterprises (MSMEs), in the Secretariat. Finance Minister Buggana Rajendranath, Chief Secretary LV Subramanyam and other senior officials participated in the launch event. The YSR Navodayam initiative endeavours to promote more than 86,000 MSME Units in the State. The State Government has released Rs. ten crores for this purpose and has issued directions for the same.

The scheme would benefit the MSMEs, which were facing a financial crisis for three years. The MSMEs would be given nine months to utilise the opportunity and the banks would reschedule the loans accordingly. The Government has instructed all banks to clear the loans by March 31 2020.

Committees to be formed under the supervision of district collectors, who will verify the MSMEs operating in losses, district-wise. Possibility of more grants of loans for immediate investments to be utilised within 9 months. 2018 APEDM Law to be removed and in its place a new Andhra Pradesh Investment Promotion and Monitoring Act -2019 Draft Bill to be promulgated.

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