To enhance the country's industrial and manufacturing basis, the government has authorised a comprehensive Small and Medium Enterprises (SME) policy.
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 programme, according to the Minister of Industries and Production, is intended at providing more support and incentives to help small and medium businesses flourish.
The policy eliminates the need for a no-objection certificate (NOC) for the development or expansion of specified enterprises.
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.
