Govt taking steps to bring improvement in manufacturing sector: Khusro

Govt to take actionable steps for growth in SME Sector: Khusro

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Islamabad: Federal Minister for Industries and Production, Makhdum Khusro Bakkhyar has said the government was taking actionable and challenging steps to develop Small and Medium Enterprises (SMEs), which would grow small and medium enterprises in the country.

He said that the new SME policy will be finalized after extensive consultations with major stakeholders in the business community, taking into account all new aspects.

He said it during a meeting with Abdul Razak Dawood, the chairman of different chambers of commerce (CCI) and business and investment consultant Abdul Razak Dawood. The Minister said that according to the Prime Minister’s vision, without the growth of the SME sector, the country would not be able to achieve inclusive economic growth.

He said that the government is currently focusing on the development of the SME sector, which will increase business and employment opportunities in the country.

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

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

The Advisor said in the coming two budgets, industrial raw material duties would be reduced by up to 70 percent. He said the current government had reduced duties on raw materials but not on finishing goods. Razak Dawood said the government also opted for tariff rationalization and duties mainly reduced on textiles and Pharmaceutical sector.

Now the government would also consult with the business community for more tariff rationalization to the SME Sector.

Meanwhile, Chief Operating Officer (CEO) Small and Medium Enterprise Development Authority (SMEDA) Hashim Raza said under the new SME policy the government would create facilities for the sector. He said land equitation and access to credit and tax simplification were also major benefits from upcoming SMEs policy.

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