ysr navodayam scheme status|ysr navodayam scheme eligibility:The Andhra Pradesh government has launched the YSR Navodayam Scheme to provide financial assistance to Small and Medium Enterprises (SMEs) in the state. The scheme was launched by the Chief Minister YS Jagan Mohan Reddy to help SMEs facing financial difficulties due to various reasons like economic slowdown, competition, or natural calamities.
The YSR Navodayam Scheme is a financial assistance scheme launched by the Andhra Pradesh government to provide support to Small and Medium Enterprises (SMEs) and micro-enterprises in the state.
Chief Minister Y.S. Jagan Mohan Reddy on Thursday launched ‘Dr. YSR Navodayam’ scheme, under which the State government will reimburse 50% (not exceeding ₹2 lakh per account) of the auditors’ fee for preparation of techno-economic viability reports required for One-Time Restructuring (OTR) of stressed loans of Micro, Small and Medium Enterprises (MSMEs) by banks and NBFCs as per the Reserve Bank of India.
ysr navodayam scheme 2024
the government will ensure that all eligible units are covered under the OTR scheme by conducting special coordination committee and special industries promotion committee meetings every month in all the districts and provide them hand-holding to avail themselves of the benefit.
Small and medium enterprises (SMEs) are an essential part of the Indian economy, contributing significantly to job creation, exports, and overall economic growth. However, SMEs often face several challenges in terms of access to finance, competition, and economic slowdowns, which can lead to financial distress and hamper their growth prospects.
The YSR Navodayam Scheme addresses these challenges by providing financial assistance to eligible SMEs and micro-enterprises. The scheme offers a one-time restructuring of existing loans of up to Rs. 20 lakhs and an interest subsidy of 50% on the interest component of the restructured loan amount for a maximum period of five years. Additionally, the scheme provides a credit guarantee cover of up to 75% of the restructured loan amount, subject to a maximum of Rs. 10 lakhs.
Objectives of YSR Navodayam Scheme
The main objective of the YSR Navodayam Scheme is to provide financial assistance to SMEs and micro-enterprises in Andhra Pradesh,which are facing financial distress due to any reasons. The scheme aims to support these businesses by providing them with the required financial assistance to help them overcome their financial difficulties and sustain their operations.
Benefits to the citizens
- One Time Restructuring (OTR) of MSME loans scheme under an umbrella program Dr. Y.S.R Navodayam which creates a new ecosystem for MSMEs ensuring that all the eligible MSME units are covered for one time Restructuring of accounts upto 31-03-2024.
- Reimbursing 50% (not exceeding Rs.2,00,000/- (Two Lakhs) per account) of the auditor’s fee for preparation of Techno Economic Viability (TEV) report, wherever such report is applicable, for the cases restructured by the banks under OTR.
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Features of YSR Navodayam Scheme
- Under the YSR Navodayam Scheme, the government provides a one-time restructuring of existing loans of up to Rs. 20 lakhs to eligible SMEs and micro-enterprises.
- The scheme offers an interest subsidy of 50% on the interest component of the restructured loan amount for a maximum period of five years.
- The scheme also provides a credit guarantee cover of up to 75% of the restructured loan amount, subject to a maximum of Rs. 10 lakhs, to eligible SMEs and micro-enterprises.
- The scheme aims to support the growth and development of SMEs in Andhra Pradesh by providing them with the required financial assistance to help them overcome their financial difficulties.
Eligibility
- The permanent residents of the state can only apply for the scheme.
- Barbers, Tailors, Weavers are also covered as MSMEs workers to avail for the benefits of the scheme.
- Applicants must belong to the Below Poverty Line (BPL) category.
- The applicant should have a active bank account.
- YSR Navodayam Scheme is applicable to those MSMEs who have borrowed up to a maximum of Rs. 25 crores.
How to apply YSR Navodayam Scheme 2024
For complete process visit https://www.apindustries.gov.in/ysr_navodayam/#