₹1,124 cr. credited into MSME, spinning mills’ accounts
The Hindu
It will benefit 97,423 units and over 12 lakh employees
Chief Minister Y.S. Jagan Mohan Reddy on Friday credited ₹1,124 crore towards incentives for Micro, Small and Medium Enterprises (MSMEs) and textile and spinning mills, benefiting a total 97,423 units and over 12 lakh employees. The textile and spinning mills got ₹684 crore and MSMEs ₹440 crore, including rebate on electricity bills payable by them. With this, the expenditure incurred by the government on MSMEs so far amounted to ₹2,086 crore. It consisted of ₹1,588 crore arrears left over by the TDP government. A large number (62%) of the beneficiary industries are run by BCs, SCs, STs and minorities and 42% by women. On the occasion, Mr. Jagan said supporting MSMEs was crucial to save the economy which took a severe beating owing to the COVID pandemic as it sent growth rates crashing around the world, and India was no exception to the downward curve.
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