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Our Bureau

Commonwealth meet on small business inaugurated

Kochi March 26 The Union Minister for Small Scale Industries, Agro and Rural Industry, Mr Mahabir Prasad, has said that cluster development of SMEs is being taken care of by the Scheme of Fund for Regeneration of Traditional Industries.

As much as 34 per cent of the total exports is done by SMEs and agro and rural Industries, he said while inaugurating the 6th Commonwealth India Small Business Competitiveness Development Programme here.

The Minister pointed out that micro and small enterprises contribute around 39 per cent of the gross manufacturing output and 34 per cent of total exports of the country. There has been an annual growth rate of 8.87 per cent in the production in this sector in the first four years of the Tenth Plan.

6,000 PRODUCTS

There are more than 6,000 products manufactured by this sector, which are used in advanced technological field such as atomic energy, missile and space programmes, information technology, biotechnology etc. The level of exports generated by this sector only proves its overall competitiveness in the world market, he added.

According to the Minister, coir industry can be considered as one of the case studies for the Commonwealth countries that absorb all the activities, which are laid down by the Commonwealth Secretariat for this programme. The industry being an export-oriented one is earning around $130 million foreign exchange for the country, he said.

Mr S.R. Rao, Executive Director of the Export Import Bank of India, said on the occasion that small enterprises provide employment to maximum number of people, next only to agriculture. He said Indian small and medium enterprises have developed many appropriate technologies.

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