A delegation of Andhra Pradesh Chambers of Commerce and Industry Federation (APCCIF), led by its president K.V.S. Prakash Rao and general secretary P. Bhaskar Rao, met Minister for Industries and Commerce and Information Technology Mekapati Goutham Reddy on Thursday and pleaded for release of pending industrial incentives and subsidies amounting to about ₹2,500 crore.
They complimented the government for paying due attention to industrial growth and promoting Andhra Pradesh as a destination for investments, for proactively working on Industrial Policy 2020-2025 with a focus on Micro, Small and Medium enterprises (MSMEs), start-ups, agriculture and food processing, mass employment sectors like apparels and automobiles and identifying exports, new markets and new exportable products as per international standards.
While pleading for release of the pending incentives, Mr. Prakash Rao and others pointed out the impact of the global / national economic slowdown on trade and industry and the remedial action that was required.
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If the prevailing situation continues, MSMEs, textiles (ginning and spinning), real estate, granite, food processing and automobile sectors would land in deeper trouble, resulting in layoffs, they expressed concern.
The APCCIF delegation comprised L. Raghu Ram Reddy from A.P. Textile Spinning Mills Association, B. Venkat Ram Reddy from ITC, T. Parthasarathy of A.P. Small Scale Industries Association and Ch. Siddharth, M. Ravi and D. Anvesh from the automobile, aquaculture and electronics sectors and A. Satyanarayana, executive director of APCCIF.