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2010-02-03

Task Force: SMEs need ‘stimulus package’ for one more year

The task force for small and medium enterprises (SMEs) has suggested a host of reforms to be brought about for the development of the sector, in the report submitted to the Prime Minister.

The task force for small and medium enterprises (SMEs) has suggested a host of reforms to be brought about for the development of the sector, in the report submitted to the Prime Minister. The suggestions include the extension of the period for which stimulus package will be offered apart from the other medium term institutional measures that the sector can avail.

 

The report which was submitted on January 31, 2010 was officially released on February 2, 2010. The immediate measures suggested are strict adherence to the stipulated targets of lending by commercial banks; additional public spending to the tune of Rs.5,000 –Rs 5,500 crore over the next three to five years to specifically target deficiencies in the existing infrastructure; helping them in procuring technology and promoting incubation in educational institutions.

 

Also, several medium term measures are suggested by the task force. The task force has demanded the establishment of a Prime Minister's Council on Micro and Small Enterprises in the Prime Minister's Office to oversee the implementation of the recommendations in the report.

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