MSMEs are the engine of economic growth: official

Banks urged to extend financial assistance to them

Entrepreneurs who were honoured at Autonagar in Vijayawada on Friday. Photo: Ch. Vijaya Bhaskar

Krishna District Industries Centre General Manager G. Rajendra Prasad on Friday said micro, small and medium enterprises (MSMEs) were the engine of economic growth and for promoting equitable development.

Addressing a meeting organised in connection with the MSME Day celebrations at the Automobile Technicians Association Hall in Autonagar, organised by the Andhra Pradesh Small Industries Association and the DIC, Mr. Rajendra Prasad said a major advantage of this sector was its employment potential.

Even while admitting that power-cuts were playing spoilsport, he expressed hope that the situation would soon improve since the government had been making all-out efforts to end power woes.

He said banks must also come forward to extend financial assistance to the small and medium scale industrialists.

Andhra Pradesh Industrial Infrastructure Corporation (APIIC) Zonal Manager V. Nageswara Rao said the corporation was ready to allocate vacant lands to set up industrial units wherever possible.

Felicitated

Outstanding enterprisers were felicitated on the occasion.

Those who were honoured included K. Rambabu of Sri Satya Sai Metal Industries, Vijayawada, P. Dattatreya of Jesus Engineering Works, Vijayawada, K. Sainadh of Clair Engineers Pvt. Ltd., Hyderabad, Pavan Kumar Sharaff of Pavan Plastic Works, Vijayawada, Abdul Hafiz Beg of National Fabrications, Vijayawada, Bayana Babjee of Vijaya Casting Works, Vijayawada, A. Ramamohan Rao of Jaylakshmi Engineering Works, Gudivada, D. Siva Nandeswara Rao of Swamy Mechanical Works, Vijayawada, Md. Ibrahim of Al-Mohammadiya Automotive Engineering Works, Vijayawada, D. Saroja of Lasya Garments, Surampalli and M.S. Ramachandra Rao of Sriram Foundries, Kondapalli.

President of Andhra Pradesh Small Industries Association, Vijayawada, D.V.K. Ramarao, secretary of Krishna Industrial and Agricultural Exhibition Society, Vijayawada, G.V. Rama Rao, president of Automobile Technicians’ Association G. Nageswara Rao, secretary M. A. Khaliq, and chairman of Industrial Area Local Authority (IALA) Y. Veeraiah were present.