January 20, 2022: Federal Minister for Industries and Production Makhdum Khusro Bakhtyar on Wednesday said the government was allocating Rs30 billion for growth in Small and medium Enterprises (SMEs) sector to boost employment opportunities in the country.
The present government was introducing a comprehensive and growth oriented SME policy for the first time in the country, the minister said while addressing the launching ceremony of National Small and Medium Enterprises (SMEs) Policy 2021 here.
He said the new SMEs policy was a comprehensive document covering all sectors and seeks to provide them with business facilities.
Khusro said the government has done a lot of work on tax relief and cost of doing business to provide business facilities to SMEs.
Similarly, there were 83 percent tax rebate offers for 100 million businesses, which was a great convenience for Small and Medium Enterprises.
He said that 19,000 plots have been allocated for business class in industrial estates in different major cities at affordable rates.
Khusro said that in the past, no government had ever cared for extending incentives and facilities for the SME sector.
The minister said the government has also planned for cheap and easy loans to the SMEs sector.
In this government, loans of Rs 1400 billion were released in the private sector, which was Rs 1080 billion in the previous government.
“This year we have achieved our export target and at the moment the country was moving towards sustainable economic growth,” he said.
He stated that SMEs were 40 percent of the national economy.
He highlighted that at present 25 new units of mobile industry have been set up in the country.
At present, the production was increasing in the fertilizer sector.