Khusro says govt taking productive measures for SMEs’ uplift

ISLAMABAD – Federal Minister for Industries and Produc­tion, Makh­dum Khusro Bakhtyar on Wednesday said the govern­ment is taking actionable and challenging steps to develop Small and Medium Enter­prises (SMEs) for growth of small and medium enterpris­es in the country.

The new SME policy will be finalised after extensive con­sultation with the major stake­holders of the business com­munity, taking into account all the new aspects, he said. He said this while addressing the meeting with presidents of dif­ferent Chambers of Commerce and Industries (CCI) along with Advisor to Commerce and Investment, Abdul Razak Dawood here.

The minister said that ac­cording to the Prime Min­ister’s vision, inclusive eco­nomic growth in the country is not possible without growth in the SME sector. The govern­ment is currently focusing on the growth of the SME sector, which will increase business and employment opportuni­ties in the country, he said.

He said: “We have also taken microfinance banks on board to solve the financial problems of the SME sector and for easy loans.” Khusro said that now banks will lend to them keeping in view their risk factors, collateral damage and other factors.

While addressing the forum, Advisor Commerce Abdul Razaq Dawood said that the government is making posi­tive changes in the new SME policy for the growth of SME sector in the country. This will promote small scale indus­tries in the country. “We have already reduced duties on in­dustrial raw materials by 50 percent,” he said.

The advisor said that in the coming two budgets, industri­al raw material duties will be reduced by up to 70 percent. He said that in current govern­ment duties on raw materials have been reduced but not on finishing goods.

Razak Dawood said that the government also goes for tariff rationalisation and du­ties mainly reduced on textiles and pharmaceutical sector. Now the government would also consult with the business community for more tariff ra­tionalisation for SME sector.

Meanwhile, Chief Operating Officer (CEO) Small and Me­dium Enterprise Development Authority (SMEDA) Hashim Raza said during his briefing that under the new SME poli­cy, the government will create facilities for this sector. He said that land acquisition and ac­cess to credit and tax simplifi­cation would be game changer elements of proposed national SMEs policy.

Article source: https://nation.com.pk/11-Nov-2021/khusro-says-govt-taking-productive-measures-for-smes-uplift