AP Chambers thanks state for financial aid to revive flood-hit businesses

VIJAYAWADA: The Andhra Pradesh Chambers of Commerce and Industry Federation has thanked the state government for taking prompt initiatives to support the business enterprises that were severely impacted on account of the devastating floods in Vijayawada.

The AP Chambers has expressed its gratitude to Chief Minister N. Chandrababu Naidu for announcing financial support of Rs 25,000 each for small business establishments, Rs 50,000 each for registered establishments and MSMEs with turnover of less than Rs 40 lakh per annum, Rs 1 lakh each for establishments with turnover between Rs 40 lakh and Rs 1.5 crore, and Rs 1.5 lakh each for establishments with turnover above Rs 1.5 crore. Earlier, the Chief Minister announced that Rs 100 crore would be allocated as a credit guarantee to MSMEs.

According to a release issued on Wednesday, the AP Chambers observed that the financial aid announced by the government will surely help business establishments resume their operations after suffering huge losses due to the floods.

In light of the devastating floods, the AP Chambers has submitted various suggestions on mitigating the losses suffered by the business enterprises to the department of industries and Chief Minister’s Office which include financial support and loan restructuring, emergency financial aid, releasing pending incentives to the affected on a top priority basis, releasing pending government procurement related payments, waiver of taxes, waiver of power bills for three months, insurance and risk management support, infrastructure and facility restoration, financial grant for paying employee salaries to support the businesses impacted by the floods.

The AP Chambers said it is hopeful that the government will announce other support measures shortly to bring businesses back on track.