Vijaywada, July 20 -- To promote Micro, Small and Medium Enterprises (MSMEs), the Andhra Pradesh State Cabinet has cleared a proposal to launch a scheme titled YSR Navodayam.
The Cabinet met under the chairmanship of Chief Minister Y.S. Jagan Mohan Reddy discussed about the MSMEs.
There are more than 86,000 recognized MSMEs across Andhra Pradesh. The MSMEs would be given nine months to utilize the opportunity.
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 Non-performing assets (NPAs).
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