| Date: |
21-02-2012 |
| Subject: |
Budget 2012: Upgrade technology of SMEs sector, says FICCI Close |
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NEW DELHI: SMEs are the backbone of our manufacturing sector. They account for 40 per cent of the gross industrial value added in the country and 47 per cent of manufactured goods exports. They provide employment to around 13 million people in India. Since 2005, de-reservation of SSI has been carried-out at an accelerated pace and currently only 35 items remain on the reserved list. FICCI in its pre-budget memorandum feels that it is important to upgrade the technology of this sector in order to compete with imports.
FICCI has also given the following recommendations for the small and medium enterprises (SMEs):
> Create a Technology Acquisition Fund to enable SMEs to acquire technologies wherever available.
> Facilitate creation of a mechanism to effectively link up the SMEs with the technology providers and users of the products.
> Minimize statutory compliance requirements for them.
> Currently, small scale industries with annual turnover of upto Rs 1.5 crores are exempt from excise duty. This monetary limit needs to be substantially raised.
> Rs.100 crore technology fund should be set up for SMEs engaged in defence production.
Source : economictimes.indiatimes.com
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