Focus on small and medium units needed: official

Tuesday, 19 June 2007, 07:00 Hrs
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New Delhi: India's booming manufacturing sector needs to focus on development of small and medium enterprises (SME) to sustain its current growth, a senior official said here Tuesday.

"There is no doubt that the manufacturing sector is experiencing phenomenal growth, there is a certain degree of resurgence but in order to have an all-inclusive growth and to sustain it for a long-term it is imperative to focus on the development of millions of India's SMEs," V. Krishnamurthy, chairman, National Manufacturing Competitiveness Council (NMCC), told reporters here.

"The manufacturing sector, which has recorded a growth of 12.3 percent in 2006-07, has the potential to contribute 35 percent in India's GDP (gross domestic product)," he said at the launch of a portal for India's SME sector in collaboration with Microsoft Corporation India.

Krishnamurthy added that the sector had the potential to create 8-10 million jobs annually.

"The manufacturing sector in India is poised for growth like never before, but only the big and medium firms have enjoyed the growth," said Ravi Venkatesan, chairman, Microsoft India.

"This growth can be shortlived if it does not trickle down to the lowest level. Thus, we have tried to stimulate the SME cluster based on a bottoms up approach," he said.
Source: IANS
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