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New policy for small industries soon: YSR

Staff Reporter

State to contribute Rs. 50 crores as equity to SFC


  • Special package of incentives for rehabilitation of sick units would be unveiled soon.
  • The Government to reduce power rates from April 1, 2006,

    HYDERABAD. To give a fillip to small-scale industry sector (SSI) by subsidising rates of interests, the State Government has agreed to contribute Rs. 50 crores as equity to the Andhra Pradesh State Finance Corporation.

    At the SSI Day 2005 celebrations on Wednesday, Chief Minister Y.S. Rajasekhara Reddy said very soon the Government would announce a new policy giving price preference to SSIs in tender qualification and for marketing products made by SSIs.

    Hindrance to growth

    Also a detailed survey had just concluded, identifying reasons for industrial sickness and an exclusive policy including a special package of incentives for rehabilitation of sick units would be unveiled soon. Industrial sickness he said was a hindrance to economic growth as it led to locking up resources, wastage of capital assets, loss of production and increase in unemployment. In its golden jubilee year, Government would do everything to help the APSFC assist more SSIs, he said.

    Dr. Reddy said given a level-playing field, SSIs would prove that they were in no less than the bigger players in the market. He recalled that since April 1, 2005, power supply had been made to SSIs at 16 per cent less than before. From April 1, 2006, Government would reduce power rates further, he said, to applause.

    Awards presented

    He gave away State-level awards, apart from felicitating the national awardees. The first, second and third ranks at the State-level went to M. Ratna Sudha, MD, Unique Bio Tech Limited, V. Srinivasa Rao, Hemair Systems India Limited and M. Madhusudhan Reddy Reddy, Maks Castings Limited, respectively, while K. Jaya of Siri Tecon got the Best Woman Entrepreneur award. The Minister for Major Industries, J. Geeta Reddy, was present.

    Others present included Secretary, Industries, B. Kripanandam, APSFC chairman, M. Gopalakrishna and MD, APSFC, Ajeya Kallam.

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