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Boost for small businesses likely

business Updated: Nov 05, 2010 01:12 IST
Debobrat Ghose
Debobrat Ghose
Hindustan Times
Highlight Story

The visit of US President Barack Obama beginning Friday is likely to have far-reaching impact on the development of Tier-II and -III cities, if ongoing talks between India and the US in the Small and Medium Enterprise (SME) sector are anything to go by.

The Obama administration has mentioned that growth in India-US economic relations would stem from the SME sector, which is on the priority list.

The US Department of Commerce (DoC) has initiated a project to mature markets for the US and Indian businesses, with focus on Tier-II & -III cities.

The initiative was kickstarted with a meeting between Uday Varma, secretary, Ministry of micro, medium and small enterprises (MSME), and Francisco Sanchez, under secretary, US DoC, in Pune in September.

“We want to pitch SMEs to the US as potential areas of economic growth. They want to sell technology, whereas we want technology and market access. Simultaneously, our SMEs have to be competitive to meet global standards,” Varma told HT.

A letter of intent signed in 2007 to this effect is likely to be converted into an MoU during Obama’s visit, officials said.