New Delhi: The government is planning a slew of initiatives such as equity funding and design intervention scheme for the small and medium enterprises to improve the competitiveness of the sector, a senior official said today.

"Focus would be laid on technology, finance and human resources to enable the SMEs become globally competitive," Additional Secretary in the Ministry of Micro, Small and Medium Enterprises Jawahar Sircar said at SME Summit 2008, inaugurated by Minister of State for Industry Ashwani Kumar.

Sircar said a Design Intervention Scheme for development and upgradation of domestic leather products has been approved. Under the scheme, a subsidy of up to 60 per cent would be provided by the government. He further said emphasis is being laid on improving availability of finance to the SME units, adding that a slew of financial schemes are being worked out for the sector.

"SMEs should look beyond credit and explore the possibility of equity financing. All these initiatives, for which approvals are being sought from the Finance Ministry, are likely to be in place by April-May," he said. There are about three million registered SMEs and 10 million unregistered units in the country. SME units are also being encouraged to go for ISO certification, with 15000 units already having gone for the certification.

Speaking on the occasion, Kumar said the private sector needs to enhance spending and undertake Research and Development for the SME sector.

Source : PTI