VISAKHAPATNAM: Andhra Pradesh Chambers of Commerce and Industry Federation (APCCIF) has hailed the ReSTART package announced by the State government for Micro, Small and Medium Enterprises (MSMEs).
Addressing mediapersons here on Wednesday, APCCIF president-elect Pydah Krishna Prasad thanked Chief Minister YS Jagan Mohan Reddy for his initiative to restore the falling economy.
He said working capital loans at low interests to MSMEs with a repayable period of three years, including moratorium of six months for meeting liquidity crisis, is a step in the right direction. He said the ReSTART package was a way forward for sustainable growth of the MSMEs. With this ReSTART package, industry will get breathing space, APCCIF zonal chairman Sudhir Mulagada said.
He said the government’s plan to purchase items manufactured by the MSMEs and giving payments in 45 days will ease the liquidity crisis faced by MSMEs. “Of the total purchases, almost 25 per cent are to be done from micro and small enterprises,” he said. “Credit limit for the MSMEs from the banks will be increased by 20 per cent without any collateral security. NPA and stressed accounts are taken care of with separate package,” APCCIF director AK Balaji said.