Ease of Doing Business for MSMEs: In Andhra Pradesh, nearly 5,61,235 jobs have been created in the micro, small and medium enterprise (MSME) sector in the last three-and-a-half years, informed Member of Parliament (MP), Guntur, Alla Ayodhya Rami Reddy on Wednesday, according to the report by ANI.
Reddy was addressing a press conference in Guntur after releasing data on the developments that took place under the state government.
“There has been a 60 per cent increase in the number of MSME units and 38 per cent rise in job creation in just three-and-a-half-year rule of the YSRCP government,” said Reddy.
Briefing about the state government schemes for MSMEs, he said, “The government is offering various subsidies and assistance to MSMEs in the state through schemes such as MSME Restart, YSR Jagananna Baduga Vikasam, Dr YSR Navodayam, YSR Cheyutha and YSR Aasara initiatives. With these initiatives MSMEs have been able to prosper despite the Covid pandemic.”
Further, he said, “MSMEs development and job creation have increased in the state. Under CM Jagan’s leadership, MSME units have catapulted from 37,956 to 60,800 units employing 5,61,235 people.”
The state government in December 2021 had launched YSR Navodayam scheme to provide financial assistance and relief to MSMEs in the state by restructuring their bank loans.
“To foster the growth of MSMEs, the government offers ‘One Time Restructuring’ of MSME accounts and provided assistance for MSME loans under the ‘Dr YSR Navodayam initiative’. As of 2021, 1.78 lakh MSME loan accounts (or 22%) have been reorganized,” the MP highlighted.
Reddy further elaborating on the other schemes offered by the current state government said that the government has released Rs 347 crores to 5,725 MSME units of SC entrepreneurs and Rs 66 crores to 1138 MSME units of ST entrepreneurs.”
The YSR Jagananna Baduga Vikasam scheme is applicable for all manufacturing units, specified service activities and transport sector to offer an enabling ecosystem for SC and ST entrepreneurs.
Besides, the state government also has schemes for women like YSR Cheyutha and YSR Aasara. The MP highlighted, “To promote micro-enterprises run by women, the state government is implementing schemes such as YSR Cheyutha and YSR Aasara. Rs 2,568 crore aid has been provided to 33.5 lakh beneficiaries through YSR Aasara and Rs 3,356 crore aid to 17.89 lakhs under YSR Cheyutha.
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Focused on women empowerment and welfare, YSR Cheyutha schemes assists women aged between 45 and 60 years, belonging to the SC, ST and Minorities to receive financial assistance. Similarly, YSR Aasara is a flagship scheme by the state government to improve the productivity of Self Help Groups (SHGs) by reimbursing the outstanding loans.
“For spiking industrial growth, the Andhra Pradesh State Investment Promotion Board (SIPB), chaired by CM Jagan gave its nod for investments worth Rs 1.26 lakh crore in July 2022, Rs 23,985 crores in December 2022 and Rs 1.44 lakh crore in January 2023. Together the board has approved investments worth Rs 2.93 lakh crores,” informed Reddy.
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