Navodayam scheme by Andhra Pradesh govt could restructure MSME loan

By VARINDIA - 2019-08-13

Navodayam scheme by Andhra Pradesh govt could restructure MSME loan

The Andhra Pradesh government led by Chief Minister YS Jagamohan Reddy is set to launch outreach programme 'Navodayam' for empowering thousands of ailing Micro, Small and Medium Enterprises (MSMEs) in the state, with a one-time restructuring of loans that will provide the required lifeline for small industrial units.

 

The state has been witnessing a surge in growth of MSMEs with over 10,068 units set up in 2018-19 with an investment of Rs 3,443 crore, providing employment to 93,240 people. There are about 86,000 MSMEs in the state have been identified for restructuring under Navodayam with an outlay of Rs 3,900 crore, sources in the Department of Industries and Commerce said.

 

"In AP, MSMEs generate the maximum employment after agriculture. This is a state government initiative to rejuvenate and give topmost priority thrust to facilitate and coordinate growth and development of the MSME sector," said state Industries Minister Mekapati Goutham Reddy. The state cabinet approved the scheme at its recent meeting and the Department of Industries and Commerce subsequently worked out the modalities to make Navodayam operational.

 

While the state government has earmarked Rs 50 crore in the 2019-20 budget for rejuvenation of MSMEs, the Department of Industries and Commerce approached the Reserve Bank of India for mobilising the required financial resources for the project."Navodayam will provide a lifeline to stressed MSMEs by ensuring that all eligible units are permitted for one-time restructuring of accounts up to March 31, 2020. We are also creating a new ecosystem for rejuvenation and development of MSMEs in the state through a slew of initiatives," said Principal Secretary for Industries and Infrastructure Rajat Bhargava.

 

Through these measures, infrastructure worth over Rs 3,900 crore would not become non-performing assets (NPAs), he noted. Under Navodayam, a special cell is being created at each District Industries Centre, headed by the General Manager, to provide handholding support to all restructured MSMEs for six months to stabilise the accounts.




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