Govt plans 'Micro Finance' scheme for cottage industries

Sialkot: Punjab government would soon initiate a 'Micro Finance' scheme with an amount of Rs 1 billion during current fiscal period for the development of cottage industries in the province.

Official said that the concept of introducing of this scheme was to extend loan facilities to the interested persons for setting up small scale and cottage industries in the Punjab. The proposed scheme would not only help in establishment of large-scale cottage industries but also generating employment opportunities in the Punjab.

Apart from this, the government has also earmarked Rs 1.30 billion for the development of industrial sector to facilitate the business community and ensure the development of industrial sector in the province.

The government has already introduced business-friendly policies for ensuring maximum establishment of industries in private sector and the radius of setting up industries would be expanded to rural areas of the Punjab sources added.

The government has also accorded special attention of developing highly business-friendly environment for extending maximum facilities to the foreign investors and overseas Pakistanis in Punjab.

The main purpose of these efforts was to generate employment opportunities for the skilled, semi-skilled and educate persons in the Punjab.

The government was making strenuous efforts for ensuring Direct Foreign Investment (DFI) in various fields of industrial sector while government was also motivating the business community particularly the exporters, they should bring innovation and diversification in their products cope with global market more easily sources said.