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New Delhi Jan. 25 Acknowledging the contribution of the small and medium scale sector to the GDP, the Union Minister for Communications and Information Technology, Mr Dayanidhi Maran, said the sector can play a bigger role in the service sector. "The service sector accounts for 40 per cent of the GDP currently, which can grow up to 70 per cent as in the case of developed countries," he said.

While speaking at meeting of the American Chamber of Commerce on Wednesday, he said the Government would make all efforts for the growth of the sector. To promote trade and strategic opportunities for the small and medium enterprises (SME) in India and the US, a letter of intent was signed on Wednesday between the Ministry of Small Scale Industries (SSI) of India and the Small Business Administration (SBA) of US.

Joint Activities

As a result of this initiative, the two bodies will develop a work plan to identify specific joint activities that will promote small business strategic alliance and institutional co-operation to reinforce the economic bonds between the two countries. The fields in which the two will work together include exchange of technical expertise, identification of investment opportunities and sharing information on small business products and services.

The Ministry of SSI will work with SBA to enable Indian SMEs to help them channel resources and create new jobs. The agreement was signed between Mr Jawhar Sircar, Additional Secretary and Development Commissioner, Ministry of SSI and Mr Manuel Rosales, Associate Administrator for International Trade, SBA.

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