Vijayawada: Andhra Pradesh Chambers of Commerce and Industry Federation (AP Chambers) commended the suggestions given by the ‘Task Force on Economic Development for Swarna Andhra Pradesh @2047.’
President of Chambers Potluri Bhaskara Rao and general secretary B Rajasekhar in a statement here on Sunday stated that the Chambers, for the past few years, has been supporting and promoting the most potential sectors that were now identified by the Task Force. They recalled that the Chambers submitted similar policy inputs from time-to-time to the government such as the development of sector-specific clusters across the State, development of IT/AI hub in Amaravati, industrial parks with plug and play facilities, electronics clusters, food processing parks and clusters, common facilities in existing food processing parks among others.
The MSME sector has been going through many issues for the past 6 to 7 years on account of the COVID pandemic, economic slowdown, and global uncertainties. Many units belonging to the sub-sectors such as textiles, food processing, ferro alloys, foundries, granites and others are either sick or on the verge of bankruptcy.
They are facing various challenges such as rising production costs on account of high fuel, power, and logistics costs. They recommended to the government to provide financial support to MSMEs during natural calamities through insurance policies as adopted by Tamil Nadu. Such policies can help mitigate the impact of events like floods, earthquakes, or storms, ensuring business continuity and financial stability. They also requested the State government to support the MSME sector by releasing the long-pending incentives to MSMEs and also ensure timely release of incentives in future.
