VIJAYAWADA: The State government will release Rs 1,124 crore as incentives to support Micro, Small and Medium Enterprises (MSMEs), textile and spinning mills, on Friday.While MSMEs will get a Rs 440 crore push, textile and spinning mills will be allotted Rs 684 crore.
Announcing the decision in a media release on Thursday, Industries and Commerce Minister Mekapati Goutham Reddy said the State government is providing the incentives, despite a decline in revenues, to MSMEs to avoid the closure of industries and also to ensure continuation of employment.
Reddy recalled that the government had released Rs 450.27 crore and Rs 453.64 crore to MSMEs under the Restart package in May and June, 2020, for the smooth functioning of industries and for providing job security to employees.
Asserting that the chief minister is committed to sustainable industrialisation of the State with special emphasis on the MSME sector, the minister said the State government had initiated a slew of measures for supporting the vertical.
Mekapati Goutham Reddy said that the government announced the Industrial Development Policy 2020-23, extending various incentives for establishing industries, with special emphasis on MSMEs.