The small and medium pharma sector has expressed disappointment over the proposal to set up a venture capital fund of Rs.2000 crore to promote research and development, instead of creating a separate fund for the SMEs as they were pushing hard.
Peeved at the continuous neglect especially by the Commerce Ministry which has proposed the venture fund, the SMEs are planning to take the help of the Pharmaceutical Department to safeguard the interests of the small scale pharma companies through some pro-active measures.
The industry sources said the SMEs made several requests to create Rs.1000-crore exclusive venture capital fund for them on the lines of Technology Upgradation Fund scheme with interest subsidy, but the Government was now opting for the fund for R D which might be fully grabbed by the multinational companies.
“The multinationals have several options to fund their research and development like foreign borrowings. The government says that SME is the priority sector but no concrete steps are taken to support the SMEs. They cannot use this R Fund as they are not into large scale research activities,” an industry leader said.
“We have been taking up several issues with the Commerce Ministry but not many supportive measures came from it. We had in detail submitted the problems and suggested measures to help the SME sector. We will
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