Lahore: Punjab Small Industries Corporation (PSIC) Board of Directors have approved the Punjab Small Industrial Estate Policy 2023, a news source reported on March 29. The 122nd meeting of the Board of Directors was chaired by provincial caretake minster for Commerce and Industry SM Tanveer on Tuesday.
In the same meeting, some financial and administrative matters related to the PICS were also approved. As per the details, the transfer of allotment fee was decreased from 3% to 1.5%. The down payment for booking a plot in Small Industrial Estate was lowered from 60% to 40%. Under the policy, different measures have been recommended to expedite the colonisation of the industrial estates in the province.
Moreover, the meeting also approved the consultancy contract of the Infrastructure Development Authority of Punjab (IDAP) for the under-construction PSIC house project. Additionally, in-principle, approval was given to establish a facilitation and training centre of Small and Medium Enterprises Development Authority (SMEDA) at the Small Industrial Estate.
Addressing the meeting, Minister Tanveer mentioned that colonisation of the industrial estates was essential to promote business and economic activities. The purpose of the provision of subsidised plots is to establish factories and create employment opportunities, he added. He also clarified that real estate businesses are not allowed in the industrial estates.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
