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State urged to announce industrial policy

By Our Correspondent

MAHABUBNAGAR, DEC.2. B.V. Rama Rao, president of the Federation of Andhra Pradesh Industries (FAPI) has urged the State Government to announce the State industrial policy as was promised during the elections by the Congress party.

Speaking to newspersons here on Thursday, he also urged the Government to initiate steps to revive sick industries. He suggested the Government to constitute a statutory body to guide entrepreneurs in setting up new industries. It should be headed by the Chief Minister himself have bankers and industrialists as its members.

Sick units' revival urged

Mr. Ramo Rao said that there were 38,000 sick industries in the State which needed to be revived. Banks should liberalise conditions for loans to entrepreneurs, he said and alleged that banks were asking entrepreneurs to mortgage their urban properties to get loans sanctioned though the Central Government had issued instructions to them against imposing such conditions.

Mr. Ramo Rao opined that the State and Central should create a fund to the tune of Rs.500 crores to revive sick industries. He said that the State Government was charging only Rs. 1.75 per unit of power to food processing units for five years to give a boost to the industry and the same concession should be extended to small scale industries to support their growth. He appealed to all industrialists to participate in FAPI meet scheduled for December 4 where suggestions would gathered for new industrial policy and revival of sick industries

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