Islamabad November 10, 2021: 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 finalized 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.
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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 that “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 per cent," he said. The Advisor said that in the coming two budgets, industrial raw material duties will be reduced by up to 70%.
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 rationalization and duties mainly reduced on textiles and Pharmaceutical sector. Now the government would also consult with the business community for more tariff rationalization 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.