labels: industry - general
Incentives for SMEs, high tech sector venturesnews
02 April 2007

Mumbai: The central government plans to introduce in incentives for hi-tech sectors and small and medium enterprises.

Christy Fernandez, special secretary, union ministry of commerce and industry, said at a weekend meet organised by the Federation of Indian Export Organisations, that by mid-April, the government would come out with "annual supplement" to the foreign trade policy.

Fernandez said that India's foreign trade policy had been formulated for the 2004-09 period but every year there following a review of the policy, improvements are made to it.

He said hi-tech sectors such as biotech are increasing service export and India is becoming a knowledge-based economy and added "the government is looking at various issues with a view to give dynamism to the annual supplement and remove the hindrances for exports."

The small and medium enterprises contribute about 40 per cent to the country's exports. So, the government plans to give incentives to them under the export promotion of capital goods scheme, the official stated.

Promoting the agri-export sector is another area top on the government's plan for which it needs the support of state governments, he said.

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Incentives for SMEs, high tech sector ventures