Export fillip to SMEs

Mumbai, April 1: The government will soon bring in incentives for hi-tech sectors and small and medium enterprises (smes), a top official said. “Hi-tech sectors such as biotech are increasing our service export and India is becoming a knowledge-based economy,” Christy Fernandez, special secretary, union ministry of commerce and industry said. SMEs contribute about 40 per cent to exports. So, the government plans to give incentives to them under the export promotion of capital goods scheme, the official added.

Dena foray

New Delhi, April 1: Dena Bank is planning a foray in the non-life insurance segment and a decision is likely to be taken at its board meeting scheduled this month. “We are thinking of it and this could happen in the current fiscal,” Dena Bank chairman and managing director P. L. Gairola said.

ITC cigarettes

Calcutta, April 1: itc Ltd feels sales volume of cigarettes would drop due to the imposition of 12.5 per cent vat on the product. An itc source said, “A 33 per cent rise in taxes is bound to affect volumes. We will have to wait and watch for the actual impact.”

Russia trade

Moscow, April 1: India aims to boost its textile exports to Russia as part of an accord to raise the bilateral trade between the two allies to $10 billion by 2010.

Honda Siel

New Delhi, April 1: Honda Siel Cars India (hsci) has said it has completed 400 days with a zero accident work environment.