Planning Commission deputy chairman K.C. Pant has called for setting up of a special rural industry fund (RIF) for the non-farm sector on the lines of venture capital fund.Speaking at the National Convention on rural industrialsation, Pant said such a fund could be useful in technology upgradation, quality standardisation and market support including development of brands for the sustainable development of village industries.Pant said the central banking policies need to be reoriented to ensure adequate lending to the small and tiny sector of entrepreneurs. Pant also pointed out that there was a need to sensitise the officials of banks and financial institutions. On the existing difference in the interest rate being charged on loans taken by SSIs and large industry, Pant said the issue has been addressed to a level in this year’s Budget but there was room for more reforms in this direction.
