Vijayawada: APCCIF hails 'Restart Scheme'

Vijayawada: Andhra Pradesh Chambers of Commerce and Industry Federation (APCCIF) hailed the decision of the State government and thanked Chief Minister Y S Jagan Mohan Reddy for his proactive initiatives and timely move under the "Restart Scheme" aimed at reviving the economy of the State post lockdown.

K V S Prakash Rao, president and Potluri Bhaskar Rao, secretary of AP Chambers, said in a statement here on Friday that releasing Rs 905 crore pending dues to MSMEs from 2014-15 and providing Rs 200 crore working capital loans through Small Industries Development Bank of India (SIDBI) to MSMEs with lowest interest rate will help in tiding over the adverse impact of the lockdown and ease the liquidity crunch which small companies is facing.

Waiver of minimum demand charges of power for MSMEs for the first quarter of fiscal (April, May and June) and deferment of fixed (minimum) electricity charges to large-scale industries for three months and the interest amount will give a much needed relief at this juncture.