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|May 7, 1999||
SIDBI is planning a $50 million IT fundThe Small Industries Development Bank of India is negotiating with some American and British financial institutions to set up its own $50 million fund for small information technology companies that wish to open branches or acquire companies in the US and Europe.
This initiative is besides the commitment that the bank has made to manage the government's Rs 1 billion venture capital fund for the information technology industry.
As for the government's Rs 1 billion fund, SIDBI will float a fully owned subsidiary trustee company within two months.
After addressing a seminar on 'Implications of WTO for Indian SMEs', Narain told reporters in New Delhi that the process to float the company is on and it would be in place within two months.
The Federation of Indian Micro and Small and Medium Enterprises organised the seminar.
The government had, earlier this week, permitted SIDBI to set up the subsidiary company to run the fund, with an initial base of Rs 1 billion.
Dr H A C Prasad, economic advisor in the commerce ministry, said while certain export promotion schemes relating to goods can be questioned at the WTO, nobody can dispute such schemes in the service sector till 2000, when the final rounds of negotiations will take place.
As such, those engaged in the services sector should take a plunge before 2000 because the government may not find it possible to help them after the conclusion of final negotiations, he said.
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