Andhra Pradesh Budget Allocated 200 Cr for MSME Development

Andhra Pradesh Finance Minister Buggana Rajendranath Reddy presented the YSRCP government's maiden Budget in the Legislative Assembly. The budget had an outlay of 2,27,974.99 crores in which Rs 200 crore has just been allocated for infrastructure development of MSMEs along with several other sops.

In the budget, the state finance minister proposed that the AP Government will simplify unnecessary regulations and processes for all industries with special emphasis on the micro, small and medium enterprises (MSMEs).

He said, “The Government is also planning to provide necessary facilitation for setting up new units as well as assistance to revive stressed units.”

For infrastructure development of MSMEs, the Minister allocated Rs 200 crores. In addition, Rs 200 crore has been allocated for incentives for industrial promotion for MSMEs.

Besides this, Rs 200 crore has been allocated for the development of Visakhapatnam-Chennai industrial corridor development program–APTRANSCO Component.

Interest-free loans amounting to Rs 648 crore will be given to urban self-help groups, said the Minister.

As much as Rs 73 crore has been allocated for Chief Minister’s Call Centre. On the day he was sworn in the Chief Minister promised to set a call centre linked to the CMO, in which people can complain about lack of service or give feedback welfare schemes.

For the welfare of handloom weavers, Rs 200 crore has been allocated while Rs.455 crore has been allocated for the IT sector.

Finance Minister Reddy presented his first budget amounting to Rs 2,27,974 crore with a revenue expenditure Rs. 1,80,475 crore, capital expenditure Rs 32,293 crore, Rs 1,778 crore revenue deficit and Rs 35,260 crore fiscal deficit; Rs 8,994 crore provided for interest payments.