Islamabad: The government has approved a comprehensive Small and Medium Enterprises (SME) policy to strengthen the country’s industrial and manufacturing base.
Flanked by Minister for Information and Broadcasting Chaudhary Fawad Hussain, Minister for Industries and Production Khusro Bakhtiar shared details of the policy at a news conference in Islamabad today.
The Minister for Industries and Production said the policy is aimed at extending facilitation and incentives to promote the growth of small and medium enterprises.
Under the policy, the requirement of NOC for the establishment or expansion of certain industries has been done away with.
Khusro Bakhtiar said that under the SME policy, ‘Aasan Finance Scheme’ is being introduced to ensure access of capital to the industries. He said loan up to ten million rupees will be provided without any collateral for the establishment of thirty thousand new businesses. He said a land of 4200 acre has been allocated which will be provided to the entrepreneurs on easy installments.
Under the SME policy, productive businesses will be given fifty seven to eighty three percent special exemptions in taxes. He said special exemption in taxes will be given to women entrepreneurs in order to ensure their greater participation in businesses.
The Minister for Industries and Production said that an amount of thirty billion rupees has been allocated for Small and Medium Enterprises Authority for a period of five years.
He said a proper mechanism has also been established for implementation of the SME policy.
In his remarks, the Information Minister said it is important to strengthen the country’s industrial base to steer it out of economic woes. He said the SME policy has been prepared in consultations with the stakeholders.