AP CM YS Jagan Releases Rs 1,124 Crore As Industrial Incentives

3 Sep, 2021 17:43 IST|Sakshi Post

AMARAVATI: Andhra Pradesh Chief Minister YS Jagan Mohan Reddy on Friday released incentives of Rs 1,124 crore  as incentives to the MSMEs, spinning and textile industries. He released the second tranche of funds from his camp office.

Speaking on the occasion, the CM said that the initiative was taken today to support small scale industries. “ We are providing job opportunities to 10 lakh people and working in good faith to bring in industries to the State. We are providing an opportunity for them to invest in the state.

For the second year in a row despite the Corona pandemic, the State government is offering subsidies to the industries. On May 22 last year, the State government announced a Rs 1,100 crore Restart Package for the first time in the country, with the aim of preventing any industry in the state from being shut down due to the corona disaster. Now we are offering Rs 1,124 crore as incentives to MSMEs, textile, and spinning mills this year as well to help financially troubled industries with the second wave, the Chief Minister said.

He said that the arrears of Rs. 1,588 crore left by the previous government was also paid. The Chief Minister further stated that a total of Rs. 2,086 crore were spent so far and this included 62 percent incentives given to SCs, STs, and BCs and 42 percent to women.

"We have decided to give 75 percent of the jobs in the industry to the locals and setting up  industries in YSR EMC Park at Kopparthi with a target of Rs 10,000 crore, " he said. The Chief Minister said that 68 large and mega industries have been set up and another 62 large and mega projects will be commencing soon.

YS Jagan Mohan Reddy stated that the State had topped the national survey on incentives which also showed the confidence entrepreneurs have in the State government.

Minister for Industries Mekapati Gautam Reddy, AP MSME Development Corporation Chairman Vanka Rabindranath, APIIC Chairman Mettu Govinda Reddy, APIDC Chairman Bandi Punyasheela, AP Maritime Board Chairman Kayala Venkata Reddy, Industries Special CS Karikala Vallavan, Industries Department Advisers Sridhar Lanka, Rajiv Krishna, and senior officials were present.

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