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Friday, Sep 24, 2004

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Chamber seeks larger VC fund for SMEs

Our Bureau

New Delhi , Sept. 23

THE Associated Chambers of Commerce and Industry of India (Assocham) has called for enlarging the size of the Venture Financing Scheme (VFS) of Small Industries Development Bank of India (SIDBI) for small and medium enterprises (SMEs) from Rs 100 crore to Rs 1,000 crore.

The chamber has stressed the need for enlarging the fund to tap the export potential of the SMEs, an official release said.

In a representation sto the Government, the Assocham President, Mr Mahendra K. Sanghi has said that the venture financing scheme is very limited and a good number of small and medium entrepreneurs have not been able to get the benefits of this scheme because of its tiny corpus size.

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