Andhra Pradesh

Cabinet approves YSR Navodayam for MSMEs

Nod for new law to bring in investments

After allocating about ₹400 crore in the budget for this fiscal to promote Micro, Small and Medium Enterprises (MSMEs), the State Cabinet has cleared a proposal to launch a new scheme titled YSR Navodayam. It is an initiative to give a fillip to the MSMEs in the State.

The Cabinet which met under the chairmanship of Chief Minister Y.S. Jagan Mohan Reddy on Friday discussed the status of MSMEs threadbare.

The scheme would benefit the MSMEs, which were facing a financial crisis for three years. The government proposes to provide a one-time grant of ₹4,000 crore for restructuring to the MSMEs so as to ensure that they do not become NPAs.

There are more than 86,000 recognised MSMEs across Andhra Pradesh. The MSMEs would be given nine months to utilise the opportunity.

The Cabinet also gave its approval to enact a new legislation to promote investments in the State. For which, Andhra Pradesh Investment Promotion and Monitoring Act -2019 Draft Bill will be promulgated. The Chief Minister would be the Chairman of the Board which comprises seven directors including Finance and Industries Ministers, Chief Secretary, and other officials.


Other key decisions include providing 50% reservation to BC, SC, ST and Minorities in government Corporations, Boards, Societies, Trusts and market yards and in government nominated contracts, service contracts and nominated posts. The government also proposes to provide 50% reservation to women in nominated posts. Fifty per cent reservation will also be provided to BC, SC and ST classes in temple committees.

The government proposes to provide free electricity up to 200 units to SCs, for which it has to shell out ₹411 crore. As many as 15,62,648 people will be benefited.


The Cabinet approved Bills relating to the employment to youth. Local unemployed youth would be entitled to 75% of jobs in industries in their areas. The people who lost lands in land acquisition for setting up industries would be provided employment in those industries.

Financial aid

The Cabinet approved a proposal to give ₹10,000 financial aid to weavers, barbers and tailors. An amendment is being made to appoint Tirupati Urban Development Authority Chairman as ex-officio member of the TTD.

A letter from the Editor

Dear reader,

We have been keeping you up-to-date with information on the developments in India and the world that have a bearing on our health and wellbeing, our lives and livelihoods, during these difficult times. To enable wide dissemination of news that is in public interest, we have increased the number of articles that can be read free, and extended free trial periods. However, we have a request for those who can afford to subscribe: please do. As we fight disinformation and misinformation, and keep apace with the happenings, we need to commit greater resources to news gathering operations. We promise to deliver quality journalism that stays away from vested interest and political propaganda.

Support Quality Journalism
Recommended for you
  1. Comments will be moderated by The Hindu editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

Printable version | May 29, 2020 1:54:51 AM |

Next Story