Incentives were announced to the MSMEs as part of the Industrial Development Policy 2020-23
Chief Minister Y.S. Jagan Mohan Reddy will release financial incentives amounting to ₹1,124 crore to textile and spinning mills (₹684 crore) and MSMEs (₹440 crore) under the ReStart scheme on September 3.
With this, the incentives disbursed to the MSME sector in the last two years reached nearly ₹2,087 crore, according to an official release.
It said incentives were announced to the MSMEs as part of the Industrial Development Policy 2020-23, and that priority has been attached to hand-holding the MSMEs which make a substantial contribution to the Gross State Domestic Product (GSDP).
The support to textile and spinning mills has been envisaged keeping in view their huge potential for employment generation and the leading position occupied by Andhra Pradesh (AP) in cotton production at the national level.
Since the YSR Congress came to power, 68 large and mega industries have set up their units in AP and began commercial production with investments aggregating to ₹30,175 crore.
Besides, 62 large and mega projects are under implementation with a total investment of ₹36,384 crore, according to the press release.