The government would consider modifications in regulations to help Indian IT companies to access a mix of currencies in the global market.

Besides, it is also considering the setting up of a mutual guarantee fund by the IT and software industry associations to ease the availability of finance for small IT entrepreneurs, a top government official said on Friday.

"We are considering the concept of a mutual credit guarantee scheme under which the industry associations would themselves support a guarantee for lending funds to a new entrepreneur," S K Tuteja, secretary, ministry of small scale industries, said.

Addressing a session on the small and medium enterprises at Indiasoft 2003 organised by the Electronics and Computer Software Export Promotion Council, he said a mutual guarantee fund could be set up by an association of industrial enterprises wherein the guarantee would be extended by the MGF to the 'dedicated bank' for the credit extended to its member industrial units.

Under the concept, which has been proposed by the Credit Guarantee Fund Trust for SSI, IT associations such as ESC or Nasscom could set up an expert group at the regional levels to evaluate proposals relating to software/IT related projects and give their opinion or recommendation.

"Such opinion would help enhance the comfort level of the banks to finance such projects," he said.