Referring to the importance of small industries outside the corporate fold, C. Rangarajan, chairman, Economic Advisory Council to the Prime Minister, on Wednesday called for providing finance and skill development to them.
Delivering a lecture titled ‘Promote small business finance – promote India’ organised by the Madras Management Association (MMA) he said that despite being saddled with high capital costs, small industries had wider reach and employed large number of people.
Releasing the book ‘India Uninc’ authored by R. Vaidyanathan, Professor of Finance, Indian Institute of Management, Bangalore, he said it was not correct to categorise small industries as labour intensive in relation to the number of people employed and productivity. Mr. Vaidyanathan said these small enterprises suffered from lack of credit from the organised banking sector. Arun Duggal, chairman, Shriram Capital, received the first copy of the book.