Andhra Pradesh CM releases 1st tranche of “ReStart Package”

Andhra Pradesh Chief Minister YS Jagan Mohan Reddy has released the 1st tranche of “ReStart Package“. The “ReStart Package” aims to help the lockdown-hit Micro, Small and Medium Enterprises (MSMEs) to reopen and become functional. The first tranche is of Rs 450 crore which will be used in clearing the pending industrial incentives that would benefit nearly 98,000 units. While the second tranche of Rs 454 crore will be cleared on 29 June 2020.

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Under the “ReStart Package”, government will waive of all the minimum power demand charges of MSMEs of the months of April, May and June. This cost has been estimated as a amount of Rs 188 crore. Along with waive off, the AP government will also provide input capital of Rs 200 crore to the firms at low-interest rates in order to bring the MSMEs back on rails. This will be done by providing loans in partnership with the Small industrial Development Bank of India at a low-interest rate.

Andhra Pradesh government has also announced to give preferential market access to MSMEs in government procurement and it has identified 360 items that will be purchased from MSMEs and all those payments will be cleared in a period of 45 days.

The composition of purchases will be as follows:

  • almost 25% of the purchases will be done from micro and small enterprises
  • 4% of the purchases will be done from SC-ST community enterprise
  • 3% of the purchases will be done from women entrepreneurs

Important takeaways for all competitive exams:

  • Chief Minister of Andhra Pradesh: YS Jagan Mohan Reddy; Governor: Biswa Bhusan Harichandan.

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