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2010-11-17

Gujarat initiates innovation fund

“In order to make our SMEs competitive and improve quality, the state government has launched an innovation fund. This can be used for manufacturing and marketing, apart from innovation.”

The state government recently  launched a fund with a corpus of around Rs60 crore to support SMEs in that region.
Gujarat Chief Minister Narendra Modi participated in an interactive session with the local business community and said, “One of the main focus areas for the government is SMEs. We don’t have raw materials in the state, but we have still attracted large investments in the manufacturing sector. This was because of SMEs and they are our assets.”


He noted that in 2007-08 and 2008-09, of the total number of jobs created in the state, 78 per cent were by SMEs and the agriculture sector, and they were the state government’s first priority, said Modi.

“In order to make our SMEs competitive and improve quality, the state government has launched an innovation fund. This can be used for manufacturing and marketing, apart from innovation,” said Modi.


M Sahu, principal secretary — industries and mines department, Government of Gujarat added, “It’s a Rs60 crore fund, which was created to boost innovation among SMEs.”


The chief minister and the principal secretary were in Chennai to promote ‘Vibrant Gujarat 2011’ — the fifth edition of the bi-annual global investors’ meet at Ahmedabad, which will be organised by the Confederation of Industry in association with the Gujarat government. The meet will start on January 12, 2011.


The two said that in 2009, despite the global slowdown, 3,346 MoUs entailing investments worth $240 billion were signed at the 2009 Summit.

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