VIJAYAWADA: Thanking the State government for considering some of its suggestions in the new Industrial Policy 2023 and declaring the logistics sector an industry, the AP Chambers of Commerce & Industry Federation (AP Chambers) has urged CM YS Jagan Mohan Reddy to release all the pending incentives to MSMEs.
In a letter addressed to the CM, AP Chambers president Pydah Krishna Prasad stated that many industries in the State are still waiting to receive the long-pending incentives. “We understand that incentives of around Rs 200 crore for MSMEs and another 200 crore to large units in the food processing sector are pending for a long time. Additionally, around Rs 1,400 crore to spinning and textile units and Rs 1,000 crore to other MSMEs are due,” he informed.
Recalling that the State government had come to the rescue of industries by releasing incentives to the tune of Rs 1,124 crore in September 2021, he said with regard to current pending incentives, it initially promised to release them by September 2022 and by January 2023 before the Global Investors Summit in Visakhapatnam.
The timely release of incentives is crucial for the survival of the MSME sector. If the government releases all the pending incentives, the MSME sector will receive some relief and get back on the path of growth. “As MSMEs are the backbone of the State economy, generating large-scale employment, we request the government to release all the pending incentives at the earliest and help them thrive,” he said.