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Indo-US trade group recommends TUFS extension

Feb '07

Recommendation to extend Technology Upgradation Fund Scheme (TUFS) from the year 2007 to 2010 and including small and medium enterprises (SMEs) along with other industries besides textiles and jute has been made to Government by Indo-American Chamber of Commerce (IACC).

The extension will help to induct state-of-the-art technology in manufacturing sector.

To sustain India's GDP growth at almost 9 percent per annum it is necessary to stress on manufacturing sector, the chamber said.

India's manufacturing sector grew 11.3 percent in 2006 compared to 9.1 percent year before, the IACC said.

To achieve 9 percent growth target in 11th Five-Year Plan manufacturing sector is important.

"Revitalising Over the Counter Exchange of India, (OTCEI) will provide SMEs much needed access to the stock market to raise capital." recommended IACC.

Paucity of natural resources and highly skilled manpower, poor infrastructure and inefficient regulatory mechanism, high interest rates and taxes are certain constraints hindering this sector, the body said.

India needs to lower taxes and bring in tighter fiscal and monetary policy to emerge as manufacturing leader, the IACC noted.

Manufacturing which contributes 17 percent to GDP can go up to 22 percent with right policy support, the chamber noted.

"India's significantly lower operating cost, relatively strong research infrastructure, large reservoir of technocrats among other factors are proving to be an attractive mix for growing number of major global manufacturers flocking to the country," IACC observed.

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