Amaravati: 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, which would 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 a rebate on electricity bills.
So far, the State government has 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 per cent of the MSMEs which were run by the BC, SC, ST, and Minorities and 42 per cent that was operated by women have benefited from 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 in employing over 12 lakh people. He said that supporting MSMEs is more like saving the State economy amidst the pandemic crisis when the world economy is at minus 5.2 per cent, where even the global markets have been eroded due to Covid.