AP Chambers urges banks to give loans to MSMEs

MSMEs are the worst-hit sector on account of the economic recession in 2018, the Covid pandemic and the Russia-Ukraine war and the exponential rise in production costs.

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VIJAYAWADA: AP Chambers in association with HDFC Bank organised an interactive meeting, “Managing Working Capital Funds Efficiently” at AP Chambers’ Hall, Vijayawada on Wednesday.AP Chambers’ President-elect Potluri Bhaskara Rao said, “Almost 99% of the units in the State come under the MSME category. MSMEs are the worst-hit sector on account of the economic recession in 2018, the Covid pandemic and the Russia-Ukraine war and the exponential rise in production costs. The high labour costs have added to the woes of the MSMEs.”He urged the bankers to come forward and extend credit facilities to MSMEs.