AP’s Support For MSMEs: CM YS Jagan Launches ‘ReSTART Policy’ With Rs 1,110 Cr

22 May, 2020 17:42 IST|Sakshi
Andhra Pradesh Chief Minister YS Jagan Mohan Reddy

AMARAVATI: In a bid to strengthen the Micro, Small and Medium Enterprises (MSMEs) in Andhra Pradesh to help them cope with the COVID-19 lockdown impact, Chief Minister YS Jagan Mohan Reddy launched an innovative initiative in the name of ‘ReSTART Policy’ on Friday. As part of this, Rs 1,110 crore will be sanctioned to MSMEs in the state in two phases.

The Andhra Pradesh chief minister held a videoconference with the representatives of MSMEs at his Camp office in Tadepally. YS Jagan on this occasion stressed on the need to protect the MSMEs in the state and assured the representatives that the government is ready to help them to overcome any problems.

He said as part of this push, the government is paying off all the dues pertaining to electricity bills that are kept pending by the previous TDP regime. The state government has also waived off three months of electricity bills to provide some relief to the small industries that suffered heavily due to lockdown imposed to contain the coronavirus pandemic.

The ReSTART policy will entail the release of Rs 905 crores of pending incentives to MSME units in two months and also provide Rs 200 crore worth capital loans by creating a fund to help them tide over the crisis.

It is also proposed to defer payment of fixed power demand charges of Rs 17 crores for the same period to all the large and mega industries without interest or penal charges.

The AP CM also decided that 25 percent of government purchases should be made from MSMEs units and ensured payments are made within 45 days for these purchases.

The government's efforts to support the Micro, Small and Medium Enterprises in the state has been receiving appreciation from all quarters. During the meeting, agro industries’ representatives expressed their happiness over the release of pending incentives to MSME units. Small-Scale Industries Association President Krishna Balaji thanked Chief Minister YS Jagan Mohan Reddy for deferring the payment of fixed power demand charges.

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