Missing the SME beat

The one sector which would boost employment and growth together would be the small scale industry, which contributes 40 per cent to the national manufacturing output and accounts for about a third of the country's exports.

The small scale units are among the worst hit by the financial crunch though they are yet to get a serious relief package.

The Congress party has however promised a "new deal" for the small units, as well as first generation entrepreneurs, which would include access to collateral-free credit and freedom from multiplicity of laws and inspectors.

There is also a plan for a cluster-based approach to growth of SMEs though one needs to see how quickly it would be put in place.