Amaravati: Andhra Pradesh government as part of its initiative to boost Micro, Small and Medium Enterprises (MSME) launched "YSR Navodayam". A Cabinet meeting chaired by Chief Minister YS Jagan Mohan Reddy approved this scheme to benefit MSMEs,which were facing financial crisis since three years.

Highlights

-There are more than 86 thousand recognised MSMEs across Andhra Pradesh.

-A grant of Rs 4 Crore as a one-time grant for restructuring so that they do not become NPAs.

-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.

-Funds for attracting investments, branding, supervision, and approval for new projects. Regulations to prevent pollution and frame new environmental laws

-To constitute a board to frame these laws for which the Chief Minister will be the Chairman along with 7 directors. The seven directors will be the Finance and Industries ministers, Chief Secretary, and other officials.

-To have a permanent special advisory board in the APIPMA. The board to have CEOs of prominent companies, Industrialists, Financial experts. This is to encourage young entrepreneurs. The central office will be in Vijayawada with a branch in Hyderabad.

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