The provincial government is all set to launch the Punjab Employment Scheme (PES) with a budget of Rs30 billion for development of small and medium enterprises (SMEs) and restoration of coronavirus-hit businesses in the province.
Punjab Chief Minister Sardar Usman Buzdar, on Tuesday, gave formal approval for the launch this soft loan scheme. In a meeting, Punjab Small Industries Corporation (PSIC) Managing Director Mudassar Riaz Malik gave a briefing to the chief minister about salient features of the scheme and told participants that an online portal has also been created in collaboration with the Punjab Information Technology Board (PITB).
Speaking in the meeting, the chief minister highlighted that the scheme is aimed at developing SMEs and set aside negative economic effects of the Covid-19. Under the scheme, he said, soft loan up to Rs10 million will be provided to the existing business or launch of the new venture.
He pointed out that special provision has been made in the scheme for the transgender community, along with men and women. To encourage women entrepreneurs, low mark-up has been fixed for womenfolk.
Buzdar directed officials concerned to launch this soft loan scheme in the current month as businesses have been affected due to coronavirus induced lockdowns. The government is committed to providing relief to the maximum number of businesses which got affected owing to the pandemic.
He also instructed the authorities concerned to further reduce mark-up along with application processing time. Special initiatives should also be included to give a boost to the rural economy, the chief minister added.
Under the initiative, necessary skills will be imparted to the youth for earning opportunities and the provision of soft loans facility will boost the industrial sector, the CM he maintained. Punjab Minister for Industries and Trade Mian Aslam Iqbal, Additional Chief Secretary (Urbanisation), Planning and Development Board Chairman, secretaries of finance and industries departments attended the meeting while Finance Minister Hashim Jawan Bakht and BOP President joined through video-link.
Meanwhile, the chief minister also chaired a meeting at Punjab assembly about easing the process of setting up new cement factories in the province. He directed to make easy the complicated and lengthy process of establishing cement factories as Pakistan Tehreek-e-Insaf (PTI) government is creating ease of doing business. The easy process of establishing cement factories will boost investment and new job opportunities, he added.
He directed to link the issuance of the NOC for establishing a cement factory with the timeline as some departments unnecessarily delay the issuance of NOCs. The issuance of NOC in the minimum of time should be ensured under rules and regulations, he added.
He also directed to constitute a supervisory committee to present its recommendations for easing the process and issuance of NOCs. He reiterated that investors will be provided every facility and action will be initiated against the concerned officials for any unnecessary delay. “I will personally review all matters after every 15 days,” Buzdar added.
Published in The Express Tribune, September 9th, 2020.
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