Govt approves SME policy to strengthen industrial base | The Express Tribune

The federal government on Wednesday approved a comprehensive Small and Medium Enterprises (SMEs) policy to strengthen the country’s industrial and manufacturing base.

The announcement was made by Minister for Industries and Production Khusro Bakhtiar, flanked by Minister for Information and Broadcasting Fawad Chaudhary during a press conference in Islamabad.

“The policy is aimed at extending facilitation and incentives to promote the growth of small and medium enterprises,” the production minister shared whilst sharing the details.

He added that under the policy, the requirement of NOC for the establishment or expansion of certain industries had been removed.

Read More: Minister lays stress on better SME productivity

“Under the SME policy, ‘Aasan Finance Scheme’ is being introduced to ensure access of capital to the industries,” he said. “Loan up to Rs10m will be provided without any collateral for the establishment of thirty thousand new businesses. Land of 4,200 acres has been allocated which will be provided to the entrepreneurs on easy instalments.”

Bakhtiar further added that under the SME policy, productive businesses would be given 57 per cent to 83 per cent special exemptions in taxes whereas special exemptions in taxes would be given to female entrepreneurs in order to ensure their greater participation in businesses.

“An amount of Rs30b 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 the implementation of the SME policy.

Information Minister Fawad said it was important to strengthen the country’s industrial base to steer it out of economic woes.

“The SME policy has been prepared in consultations with the stakeholders,” he added.

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