SMEs form the backbone of Indian and US economies. Their contribution to overall economic growth has been increasing rapidly. Creating a favourable business and policy environment remained crucial to
SMEs form the backbone of Indian and US economies. Their contribution to overall economic growth has been increasing rapidly. Creating a favourable business and policy environment remained crucial to strengthening economic recovery, stimulating growth and creating jobs in both countries, said Mr Uday Kumar Varma, Secretary, Ministry of MSME, at an interaction organised with the US SME delegation, visiting India, along with the US Commerce Secretary, Gary Locke . While stressing the need for a more intense engagement between industry in India and the US, with a specific focus on enterprise-to-enterprise cooperation, Mr Varma outlined Information & Communication Technology (ICT) and Defence Procurement, as priority sectors, for the US companies, while exploring commercial opportunities in India.
He also said that the SMEs would help achieve bilateral trade targets. Adding that for US companies, it would be useful to invest in the Indian SME sector as there were many synergies between the two sides. SMEs represented a good low-investment, high-return opportunity. Indian SMEs were flexible, reliable, quality conscious and adaptable, and intellectual property rights were respected in India as well, he mentioned. Mr Varma, also highlighted that the Defence Production Policy and the proposed Procurement policy are expected to play a catalytic role for opening-up a plethora of opportunities for the SMEs, in addition to the IT enablement of SME, that assumed priority for the Ministry of MSME.