Federation for MSMEs formed

The Federation of Andhra Pradesh Small, Medium And Micro Enterprises (Fasmme), a service organisation for the promotion of industrial activities for the micro, small and medium enterprises (MSMEs) covering all the districts of Andhra Pradesh, was inaugurated here on Monday.

Fasmme, headed by PJ Reddy and Vasi Reddy Hanumantha Rao (president), will address all the issues of the MSMEs in the state, along with supporting new entrepreneurial ventures.

Fasmme chairman PJ Reddy said, “So far, the state did not have any representative for the entire MSME sector. Hence, Fasmme was formed a few weeks back and we expect to have a minimum of 10,000 members from the industries in the next two to three months.”

The MSMEs in the state are losing almost 60 hours of work per week (50 per cent of given power earlier) due to the current two-day power holiday and 400 per cent increase in the property taxes (over the last six months from October 2011).

Other issues are shortage of finance, skilled manpower, exportable products and unavailability of marketing platform, Reddy said.

B Hanumantha Rao, president of Fasmme, said, “The MSMEs are incurring a loss of Rs 240 crore per day due to the power cuts and other related issues.”