Incentives of Rs 1,463 cr given to 1 lakh MSMEs in Andhra, 10 lakh people employed: CM YS Jagan Mohan Reddy

Credit and Finance for MSMEs: The state will invest Rs 1.54 lakh to set up 56 large and mega companies generating 1.64 lakh jobs. About 31,761 MSMEs generated 1.98 lakh jobs in the state in the past three years with an investment of Rs 8,285 crore, said CM.

Incentives of Rs 1,463 cr given to 1 lakh MSMEs in Andhra, 10 lakh people employed: CM YS Jagan Mohan Reddy
Reddy said that local youths need to get educated and employed at their native places for an area or region to develop.

Credit and Finance for MSMEs: The chief minister of Andhra Pradesh YS Jagan Mohan Reddy said on Tuesday that his government has given incentives of Rs 1,463 crore to micro, small and medium enterprises (MSMEs) that employ 10 lakh people in the state.

According to a report in Times of India, he condemned the negligence of the previous governments towards the MSMEs and mentioned how he cleared the pending arrears of the segment.

Also Read: Tamil Nadu Government to provide financial aid to Covid-19 battered MSMEs under CARE scheme

Reddy was the chief guest at the inauguration ceremony of nine companies including ATC Tyres in Atchutapuram in Anakapalli district of the state. 

He also laid the foundation stone for the second phase of Yokohama Japanese tyre company ATC Tyres after the first phase works were completed in 15 months against the scheduled 30 months. He added that the two-phased investment by the company of Rs 2,200 crore will result in generating 2,000 jobs in the state. 

The chief minister said that the state will invest Rs 1.54 lakh crore in 56 large and mega projects to generate 1.64 lakh jobs in the future, he said.

He informed that big names like Adani are investing in the state and the foundation stone of Adani Data Centre will also be laid in about two months, said the report. 

The state grounded 98 large and mega industries with an investment of Rs 39,350 crore in the last three years and generated 60,541 jobs, he further said.

About 31,761 MSMEs generated 1.98 lakh jobs in the state in the past three years with an investment of Rs 8,285 crore, he added.

Also Read: Funding winter bypasses early & seed stage dealmakers

Reddy said that local youths need to get educated and employed at their native places for an area or region to develop.

He further said the state has commendable industrial potential and the government was focussed on leveraging it.

Andhra Pradesh’s GDP growth rate of 11.43 per cent as compared to that of the nation’s at 8.9 per cent indicates that the state was going ahead at a fast pace, added Reddy. 

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Photos