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State Government releases financial package for MSME sector

The Andhra Pradesh state government released financial package for micro, small and medium enterprises (MSMEs) for FY 2019-2020.

The state has nearly 26 lakh MSMEs, with a workforce of 70 lakh people. The financial package will benefit nearly one lakh industries immediately. As per the announcement, nearly Rs.820 crore of the Rs.905 crore of pending dues from FY 2014-2020 will be cleared in May and June and providing Rs.200 crore working capital loans through Small Industries Development Bank of India to the MSMEs with lowest interest rate.

One of the requests from the industry, to waive the minimum demand charges for the lockdown period, has also been considered by the government and would save the MSMEs around Rs 188 crore.

Sivakumar Gunturu, CEO of Maple software and member of CIIs national council, said that restart scheme will ease cash flow which is the main problem being faced by small companies at present.

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