AP’s Succour To MSMEs: To Release 1st Tranche Of Rs 904.89 Crore On May 22

AMARAVATI: Andhra Pradesh Chief Minister YS Jagan Mohan Reddy will be extending financial aid to support Micro, Small and Medium Enterprises (MSMEs), which have been hit due to the lockdown by releasing the first installment of the Rs 904.89 crore package on May 22nd.

J.V.N. Subramanyam, Director of Industries, and Commerce & Export Promotion announced this on Monday. The state government also took a decision to waive Rs 188 crore power demand charges to MSMEs for the first quarter of the current fiscal year. The Chief Minister also announced corpus fund of working capital to MSMEs for extending loans to the tune of Rs 200 crore.

Subramanyam said that the beneficiaries of this financial package will be identified and given certifications. An online portal would be made available for this purpose, he said.

For those who register online, a 'Restart Package Eligibility' certification would be issued to them. For those who seek waiver in power demand charges and need fresh loans , the department will examine their applications and issue certification. The demand charges would be reimbursed after that , he said.

The Director also said that the government has decided to issue Aadhaar numbers for the MSMEs in the state. This would make it easy for the government to examine industries sector wise and formulate plans accordingly. The whole process would be complete within 2 months , he said.

''We are also planning Geographic Information System (GIS) Mapping of these industries, he said. The larger plan is to integrate MSMEs with the large industries and the banks, he informed.

Aadhaar Number for Industries

As part of the Aadhaar linkage, the government will assign a 11- number unique identification number to the industries in the state. The first three numbers of these 11 digits represent the district and the next two number represent the zones. The next number shows what type/sector of the industry it belongs to. The last 5 digits will contain the serial number. When you check this number, one can easily find out the category the industry belongs and the district where it is located in, he said.

Also Read: AP CM YS Jagan First To Announce Financial Package For MSMEs: Mekapati