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.

Reservations

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.

Employment

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.

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Printable version | May 29, 2020 1:54:51 AM | https://www.thehindu.com/news/national/andhra-pradesh/cabinet-approves-ysr-navodayam-for-msmes/article28603205.ece

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