The Punjab Small Industries Corporation (PSIC) Board, in its 137th meeting on Tuesday, approved an interest-free loan scheme worth Rs 500 million for women entrepreneurs and artisans.<\/p>\n
Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain chaired the meeting, which considered a 14-point agenda.<\/p>\n
The meeting reviewed progress on the establishment of new Small Industrial Estates in Hafizabad, Sahiwal, Toba Tek Singh, Sargodha, Khanewal, Okara and Kot Pindi Das, as well as the expansion of Sundar Industrial Estate.<\/p>\n
The board was informed that land had been identified for establishing the new Small Industrial Estates. It also approved the establishment of an Industrial Park in Gujranwala and the Rs 500 million interest-free loan scheme for women entrepreneurs and artisans.<\/p>\n
Under the scheme, women artisans and entrepreneurs will be eligible for interest-free loans ranging from Rs 500,000 to Rs 10 million.<\/p>\n
The board also approved the establishment of a Rs 500 million revolving fund to promote small and medium-sized enterprises (SMEs). Under the fund, new businesses will be eligible for interest-free loans of up to Rs 10 million, while existing businesses can obtain loans of up to Rs 5 million for expansion.<\/p>\n
The board approved a schedule for the auction of redundant PSIC properties and a relief package for allottees of cancelled plots at Sundar Industrial Estate-II. Under the package, allottees will receive 20 percent relief on their total outstanding dues, provided they start construction of their factories within six months and bring their industrial units into production within two years.<\/p>\n
The board also approved the auction of the Handicrafts Development Centre in Murree and the purchase of an alternative site for establishing a state-of-the-art handicrafts shop there.<\/p>\n
Pension reforms for PSIC employees were also approved. Under the reforms, two new schemes will be introduced for PSIC employees, for which a loan of Rs 2.5 billion will be obtained from the government.<\/p>\n
The board ratified the minutes of its previous meeting and approved various other administrative and financial matters.<\/p>\n
Addressing the meeting, Chaudhry Shafay Hussain said new Small Industrial Estates were being established in different areas according to the demands of Chambers of Commerce and Industry and the needs of the industrial sector.<\/p>\n
He said the government was accelerating industrialization to create new employment opportunities. In line with the vision of Chief Minister Punjab Maryam Nawaz Sharif, a conducive environment for investment had been created in Punjab, while effective measures had also been taken to promote small and medium-sized businesses.<\/p>\n
The minister said a major programme to improve industrial infrastructure in Punjab\u2019s 23 Small Industrial Estates was being launched this year. Under the programme, road infrastructure, sewerage and drainage systems would be improved.<\/p>\n
He said the Chief Minister\u2019s Asaan Karobar Finance Scheme was playing an important role in promoting economic activities across the province.<\/p>\n
Chaudhry Shafay Hussain said PSIC was also introducing new interest-free loan schemes to promote economic activities. He added that PSIC had enhanced its institutional resources through effective strategies and measures, while additional resources generated would be utilized to further expand business activities in the province.<\/p>\n
Secretary Industries Umar Masood, Managing Director PSIC Mubeen Elahi and board members attended the meeting, while some members participated through video link.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Punjab Small Industries Corporation (PSIC) Board, in its 137th meeting on Tuesday, approved an interest-free loan scheme worth Rs 500 million for women entrepreneurs and artisans. Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain chaired the meeting, which considered a 14-point agenda. The […]<\/p>\n
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