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2013-04-26

Assocham seeks Rs 1,000 cr fund for SME development in Uttarakhand

Expressing concern over the state of small and medium enterprises (SMEs) in Uttarakhand, industry body Assocham on Thursday sought creation of Rs 1,000-crore fund for the development of such units in the hill state.

Expressing concern over the state of small and medium enterprises (SMEs) in Uttarakhand, industry body Assocham on Thursday sought creation of Rs 1,000-crore fund for the development of such units in the hill state.

Speaking at the SME's Conference on Banking and Financial Solutions for Sustainable Growth, D S Rawat, Secretary General, Assocham said, "Twenty five per cent of small and medium enterprises in Uttarakhand have shut shop due to absence of proper incentives from the government."

He added that if the state government does not wake up now to the plight of SMEs in Uttarakhand, it would be too late.

Besides strongly pitching for a separate credit policy for SMEs in the state, Rawat also demanded creation of a Rs 1,000 crore fund exclusively for SMEs to drag them out of the red.

P K Jain, Chairman, SME Council said that finance is the key input for sustained growth of small scale sector and its accessibility continues to be a matter of concern.

Despite their economic significance, SMEs face a number of bottlenecks that prevent them from achieving their full potential, he added.

Apart from their inability to access timely and adequate finance, there are a few more issues faced by SMEs in the country, including lack of infrastructure and multiple regulating agencies.

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