Business

New SME policy to catalyse economic activities

Written by The Frontier Post

ISLAMABAD (APP): New SME policy will catalyse economic activities and strengthen national economy besises providing impetus to educated youths to launch their businesses in addition to generating ample jobs opportunities.
This  was stated  by Chief Executive Officer Pakistan Furniture Council Mian Kashif Ashfaq while talking to a delegation of SME experts led by Hassan Bukhari.
He said new policy will play a key role in transforming our export based economy to a dynamic export oriented sector.
He said that it will also encourage youth to produce imported quality products locally in order to discourage the ever increasing imports.
He said more than one million small manufacturers are working across the country which contributes above 78 percent in growth.
He said these manufacturers have potential to grow further but they  are confronted with monetary constraints.
He said earlier due to unrealistic approach they were denied access to capital which hindered in exploiting their untapped  potentials.He lauded the categorisation of the SME sector into low,medium and high risk industries along with excellent packages of incentives for each segment.
He said now under new policy,free loans upto Rs10 million are available for the promotion SME sector which he added it’s limit must be enhanced upto 20 million to offset the impact of dollars fluctuations.
Kashif Ashfaq said that exemption from NOC for low risk industries is another positive step which he added will help start ups to fully concentrate on their businesses instead of roaming in offices for obtaining NOC.
He suggested that the scope of one window operation must also be extended to SME sector for rapid development.
Hassan Bukhari said new portals should also be launched so that male and female starts ups could also obtain required permissions while sitting from their homes.
He said to attract more number of women  25 percent special rebate should be given to business women which constitute 52 percent of the total population in Pakistan.

About the author

The Frontier Post