ISLAMABAD, Pakistan: The federal government has approved a comprehensive Small and Medium Enterprises (SME) Policy 2021-25, aimed at extending facilitation and incentives to promote the growth of small and medium enterprises.
Flanked by the Information and Broadcasting Minister Chaudhary Fawad Hussain, the Minister for Industries and Production Khusro Bakhtiar shared details of the SME Policy at a News Conference in Islamabad on Wednesday, saying that it will strengthen the Country’s industrial and manufacturing base.
Under the SME Policy 2021-25;
- The requirement of the No-Objection Certificate (NOC) for the establishment or expansion of certain industries has been done away with.
- ‘Aasan Finance Scheme’ is being introduced to ensure access of capital to the industries.
- Loan up to Rs 10 million will be provided without any collateral for the establishment of 30,000 new businesses.
- Land of 4,200 acre has been allocated which will be provided to the entrepreneurs on easy installments.
- Productive businesses will be given 57 to 83 percent special exemptions in taxes.
- Special exemption in taxes will be given to women entrepreneurs in order to ensure their greater participation in businesses.
— Government of Pakistan (@GovtofPakistan) December 15, 2021
The industries and production minister further told that an amount of Rs 30,000 billion has been allocated for Small and Medium Enterprises Authority for a period of five years.
The minister told that a proper mechanism has also been established for the implementation of the SME Policy.
In his remarks, the Information Minister Chaudhry Fawad Hussain said that it is important to strengthen the Country’s industrial base to steer it out of economic woes. He said that the SME Policy has been prepared in consultations with the stakeholders.