VISAKHAPATNAM: Visakhapatnam Chamber of Commerce and Industry president Veeramohan has said the ReSTART package announced by Chief Minister YS Jagan Mohan Reddy for MSMEs is like oxygen to the industries on the death bed.
Thanking the Chief Minister for extending the ReSTART package to MSMEs, Veeramohan on Wednesday said it was not an easy thing to release more than Rs 1,200 crore under ReSTART package, particularly when the State is in precarious financial position.
He said the release of incentives kept pending by the previous government, waiver of fixed/demand charges of power for three months, deferment for large industries, working capital with lowest interest rate, purchase of 25 per cent of products by government entities with a stipulation to pay within 45 days will boost our liquidity, help in quick recovery and put the units back on track.
He said the waiver of fixed/demand charges of power was not extended to a minor section of businesses like retail outlets, hotels, convention centres, etc. During closure of businesses due to lockdown, they were forced to pay power charges. Lakhs are working in these businesses. If the fixed charges are not waived for these businesses, many outlets may collapse, he said, urging the Chief Minister to consider waiver of property tax, trade licence charges and profession tax for three months.