Andhra Pradesh Chambers of Commerce and Industry Federation (AP Chambers) has welcomed the economic stimulus package for Micro, Small and Medium Enterprises (MSMEs) announced by Finance Minister Nirmala Sitharaman.
AP Chambers president K.V.S. Prakash Rao and general secretary Potluri Bhaskara Rao stated in a press release that the ₹3-lakh-crore corpus for issuing collateral-free term loans, creation of ₹50,000 crore fund for equity support for business expansion, ₹20,000 crore subordinated debt for stressed MSMEs, e-Market linkage etc. would bail out the lockdown-hit enterprises to a large extent.
They said the long-pending demand to re-define MSME categories and eliminate the difference between manufacturing and service sectors has been addressed and it would give a big boost to the MSMEs.
While appreciating the financial assistance measures, the AP-Chambers hoped that the Finance Minister would take more steps like announcing a package that would enable MSMEs to pay wages/salaries for three months to revive the MSME sector thereby reboot the economy.
