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Jagan credits Rs.1124 crore to MSMEs, spinning mills

YS Jagan Mohan Reddy

Andhra Pradesh Chief Minister YS Jagan Mohan Reddy 

Vijayawada AP Chief Minister YS Jagan Mohan Reddy on Friday credited Rs.1124 crore towards incentives for Micro, Small and Medium Enterprises (MSMEs) and textile units across the State.

The measure will benefit 97,423 units and over 12 lakh employees dependent on them.

The Chief Minister released Rs. 440 crore to MSMEs and Rs. 684 crore to textile and spinning mills, including the rebate towards electricity bills. So far, the State Government had spent a total of Rs.2086 crore on the MSME sector, which includes clearing the pending arrears left by the previous government totalling around Rs.1588 crore.

About 62 percent of the MSMEs which were run by the BC, SC, ST and minorities and 42 percent that are operated by women have been benefited with the government's incentives.

Speaking on the occasion, the Chief Minister said that the government has been embarking on this great event to support MSMEs as well as spinning mills, which are playing a major role by providing employment to over 12 lakh people. He said that supporting MSMEs is more like saving the State economy amidst the pandemic crisis.

Reddy said incentives are released at a time when the world economy is at minus 5.2 percent, where even the global markets have been eroded due to Covid.

In the past 27 months, the government provided over 25 welfare schemes to the people without allowing discrimination and corruption even in difficult times, due to which the purchasing power has been sustained eventually leading to the sustainment of the MSME and industrial sector.

While slamming the previous TDP government, the Chief Minister said that there was a huge hype by holding big summits, signing pacts, during TDP rule even before they turned into reality. They promised industrial incentives, but failed to pay on time and piled up for years, which were eventually cleared by our government.

He stated that the Opposition has been misleading the public by taking things in a negative way and creating hurdles in the path of development by filing cases in Courts and stalling various projects.

The Chief Minister said that in the last 27 months, 68 major industries have invested a capital of Rs.30,175 crore and provided direct employment to 46,199 people. In addition, by investing Rs 34,384 crore, another 62 mega industries are also being set up and provide employment to 76,916 people.

Industries Minister Mekapati Gautam Reddy, AP MSME Development Corporation Chairman Vanka Ravindranath, APIIC Chairman Mettu Govinda Reddy, APIDC Chairman Bandi Punyaseela, AP Maritime Board Chairman Kayala Venkat Reddy, Industries Special Chief Secretary Karikala Valavan, Industries Advisors Sridhar Lanka, Rajiv Krishna and other officials were present.

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