Incubation centre for women is to be set up in Andhra Pradesh for which the Union minister for MSME Kalraj Mishra has assured support. This support will be extended under ASPIRE, a scheme for promotion of innovation, Agro industry and entrepreneurship.
It is also known that the Union government would extend support to MSME parks which have been proposed to set up by the government of Andhra Pradesh in each is the 175 assembly constituencies. The minster also confirmed that the corpus of Credit Guarantee Trust Fund for Micro and Small Entrepreneurs has been increased from Rs.2500 crores to Rs.7500 crores which will be fully funded by the government.
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There has also been an increase in the loans under credits guarantee from 1 crore to 2 crores and is made applicable to non banking financial companies too. The banks have been asked to increase their credit limit for small industries from 20% to 25% of the turnover. Working capital turnover also to be increased from 20% to 30%.
The MSME Development Policy of Andhra Pradesh has offered a number of incentives. The government is most likely to come up with a policy for course correction to prevent the burden on the MSMEs. It has also been proposed to simply the documentation process and bring down its charges for the small industries.
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