Stressed MSMEs Benefited From YSR Navodayam Scheme

 - Sakshi Post

Andhra Pradesh Chief Minister YS Jagan Mohan Reddy launched "Dr YSR Navodayam Scheme" to help thousands of ailing micro, small and medium enterprises (MSMEs) in the state and monitor the implementation of One-Time Restructuring of MSME loans. YS Jagan while launching the scheme said that "YSR Navodayam scheme will benefit MSMEs in a big way."

P Sudhakar, a native of Vissannapeta, Krishna district had left his job in Hyderabad and started a 'fans manufacturing unit' with the help of a loan given by APIIC bank. After two years of establishing the MSME unit, COVID-19 stuck the nation. He suffered huge losses and he was unable to pay the bank loans.

Andhra Pradesh Chief Minister YS Jagan Mohan Reddy helped the ailing MSMEs by sanctioning the Restart package. Sudhakar also got benefitted from Restart and the government paid the debt of Rs. 51.50 lakh and also waived three months electricity charges. 

The banks have set a target of giving Rs 39,600 crore as loans to the MSME sector in  2020-21 but gave Rs.40,311.76 crore. Last year, the target of the banks was to sanction Rs. 18,674 crore to micro-enterprises but sanctioned Rs 20,598.53 crore. For the year 2021-22, the banks have decided to sanction loans of Rs. 44,500 crore.

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