Union Minister for Micro, Small and Medium Enterprises (MSME) and Road Transport and Highways Nitin Gadkari virtually inaugurated the MSME Technology Centres at Bhopal and Visakhapatnam on Wednesday.
These facilities are a part of the World Bank-funded Technology Centre System Programme.
The Technology Centre in Visakhapatnam is intended to extend support to the MSME units in the region with focus on improving access to technology, providing skill upgrading and offering advocacy support to the enterprises having high growth potential.
It will have high-end machines such as CNC 5 axis, CMM, EDM, additive manufacturing and high- capacity hydraulic press, mainly catering to shipbuilding, welding, fabrication, steel production and agro-based industries in the north coastal districts.
On the occasion, A.P. Minister for Industries Mekapati Goutham Reddy said the government took various steps for the development of the MSMEs and made it a point to ensure availability of working capital.
Loans ranging from ₹2 lakh to ₹10 lakh were provided at 7.75% interest rate for a nominal processing fee of 0.25 %.
Schemes such as YSR Navodayam and Emergency Credit Line Guarantee Scheme were implemented and focus was laid on the establishment of 31 MSME Parks.
YSR AP One, an end-to-end business fulfilment centre, was being set up to help the MSMEs, and MSME clusters were under development, the Minister added.