Andhra Pradesh Govt Will Launch Navodayam Scheme

Andhra Pradesh government launched the Navodayam scheme. The scheme is for thousands of ailing Micro, Small and Medium Enterprises (MSMEs) in the state. Navodayam will provide a lifeline to stressed MSMEs by ensuring that all eligible units are permitted for the one-time restructuring of accounts up to March 31, 2020. About 86,000 MSMEs in the state have been identified for restructuring under Navodayam with an outlay of Rs 3,900 crore.

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. The state government marked Rs 50 crore in the 2019-20 budget for rejuvenation of MSMEsTwo sub-SLBC meetings have also been held with bankers in the state for getting the NPA accounts of MSMEs restructured so that the respective accounts are brought back to ‘standard’ level.

Navodayam will provide a lifeline to stressed MSMEs by ensuring that all eligible units are permitted for the 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.

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