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SMEs, startups get much-needed boost.


Date: 11-07-2014
Subject: SMEs, startups get much-needed boost
JAMSHEDPUR: The proposal to introduce a fund corpus of Rs.10,000 crore to boost capital flow to the startups and small and medium enterprises has evoked good response among the business community in Adityapur industrial area.

The entrepreneurs, comprising largely of ancillaries of Tata Motors, have hailed the maiden budget of the Modi government as it announced profitable measures for the SME sector that has apparently fallen victim to the ongoing global economic slowdown. "The announcement of the fund allocation for startups and SMEs in the budget speech is a redeemer. The ailing SME sector is keenly looking for fresh financial tools for revival," said Adityapur Small Industries Association functionary Santosh Khetan.

Khetan also thanked the central government for its commitment to revive special economic zone (SEZs). "We hope the debutant finance minister to ensure early start to the long pending SEZ project in Adityapur industrial area," said Khetan. Likewise, the Laghu Udyog Bharati sounded optimistic about the effective implementation of the proposed fund corpus to promote a new generation of entrepreneurs. "Soon, there will be a need to get competent people to identify the right kind of investment opportunities, set targets for deployment of the fund," said a functionary of Laghu Udyog Bharati Singhbhum chapter.

The Federation of Jharkhand Chamber of Commerce and Industry (FJsaid by proposing to set up funds for the small and medium enterprises, the government has conceded that finance is a major challenge for entrepreneurs in the country.

"Apart from setting up the fund corpus, the government has announced to set up a committee consisting of representatives of RBI, finance ministry and MSME industry to examine fund flow to the MSME sector," said zonal vice president of FJCCI, Suresh Sonthalia.

"In 2012-13, the annual budget presented by the then finance minister Pranab Mukherjee announced Rs. 5000 crore to help small enterprises but that still remains a non-starter, largely," said the 68-year-old industrialist.

Source : timesofindia.indiatimes.com

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