Islamabad: Prime Minister (PM) Imran Khan on Wednesday (January 19) officially launched Pakistan’s Small and Medium Enterprises (SME) Policy 2021 aimed at increasing employment and exports, news sources reported. The policy was approved by the federal government in December-2021 for implementation.
According to the policy, the necessity for a lengthy No Objection Certificate (NOC) has been eliminated in order to promote compliance and shorten the time required for industrial development. Moreover, ‘Aasan Finance Scheme‘ will provide collateral-free loans of PKR 10 million to businesses. The policy will pursue an annual SME growth of 5% from 2.43% during the last three years in addition to increasing the SME sector’s exports by 10% per annum by 2025. The strategy, according to the premier, would provide loans to entrepreneurs and small industrial units to boost industrial growth. Furthermore, facilities would also be provided to industries and small units to decrease time and delays caused by bureaucratic red tap-ism.
Likewise, preference will be given to enterprises that generate employment and contribute to wealth growth under the programme. Similarly, a tax exemption of up to 57-83% will be given to small enterprises. This will help them increase their operations and contribute more to the economy.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
