AP Chambers Seeks Extension of Covid Credit to Six Years

Vijayawada: Members of AP Chambers of Commerce and Industry met union finance minister Nirmala Sitharaman at Vijayawada on Saturday and submitted a memorandum of demands, including restructuring of Covid Emergency Credit Line Guarantee Scheme (ECLGS) repayment to six years from the earlier three years.

Those who met the union minister include AP Chambers president Potluri Bhaskara Rao and board of directors Radhika, Aparna, T. Pardhasaradhi and V. Sambasiva Rao.

AP BJP president Daggubati Purandeswari and state home minister Taneti Vanitha were also present.

Apart from ECLGS restructuring, AP Chambers also sought reforms bringing power under the GST regime and tagging MGNREGA scheme to agriculture, agro-based and rural industries to make it productive.

AP Chamber delegates pointed out power charges in AP have impacted textiles and ferro alloys industries in the state, with power charges alone constituting 60 per cent of the input costs. They further explained how pollution norms for aqua industry have become a hurdle for the industry to expand.

The chamber members thanked the union minister for extending the Pre and Post Shipment Credit Subsidy Scheme till June 24, 2024 with a budget outlay of Rs 2,500 crore.