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`Small scale sector growth rate better than others'

By Our Special Correspondent

JAIPUR, DEC. 14. The Chairman and Managing Director of the Bank of Baroda, P.S. Shenoy, has said that the small-scale sector in the country had shown more resilience than other sectors in the wake of the opening up of the economy. The rate of growth in the small-scale sector in the post-liberalisation period had been better than the growth in the rate of general industrial sector, he noted.

Addressing a meeting on small-scale industries and khadi and village industries here over the week-end, Mr. Shenoy said the changes made in the national policy pertaining to industrial and economic growth as well as the market oriented de-regulation helped the sector to get exposed to the challenges of the market forces. The process gave it a distinct identity for itself as well, he noted.

The small-scale sector, with an estimated 1.38 lakh registered (working) units, accounted for 95 per cent of the industrial units in the country and carried out 40 per cent of the value addition in the manufacturing sector. It accounted for 35 per cent of the national exports and production of over 7,500 items in the industrial sector, he observed.

Mr. Shenoy said the resurgence in agriculture production, buoyed external demand and continued industrial recovery reinforced by a higher rural consumption helped the country's economy show a strong performance in 2003-04 for the second consecutive year.

The meeting took up issues like credit flow to the SSI sector, credit-linked capital subsidy scheme for technology up-gradation and credit guarantee fund trust for small industries and National Equity Fund Scheme. It reviewed the bank's performance in the SSI Sector, among other things.

The Deputy General Manager, P.S. Joshi, said that in Rajasthan the bank had given special attention to the priority sectors like agriculture, SSI and khadi and village industries in credit disbursement.

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