The dilemma of small investors

Not unlike several other hurriedly set up organisations in recent years, the Sindh Small Industries Corporation (SSIC) is reported have failed to live up to the high expectations associated with it.
This has reference to a Recorder Report, quoting sources in SSIC, according to which the process of allotment of land was marked for completion by the end of October, but so far it has not been undertaken, although the token amount demanded by the SSIC had been deposited by small investors, including women and overseas Pakistanis.
It has also been recalled that the project is to cover an area of 100 acres of land allotted by the Sindh government near Northern Bypass. Significantly, out of the total land area, 30 acres have been reserved for women entrepreneurs and 10 acres for the overseas Pakistanis.
Needless to point out, coming in the midst of official assertions of galloping growth rate of the economy, completion of the project under the supervision of Sindh Labour, Transport, Industries, Commerce and Co-operation Departments, and eventual inauguration by Shaukat Aziz, the then Prime Minister, had promptly attracted applications from those understandably allured by it. For one thing, it was claimed to be aimed at further promoting small and cottage industries in the province because of their vital role in the development of the country.
However, as ill luck would have it, many among them who had deposited the token money with the SSIC, have been disappointed by the delay in the allotment of land, with some demanding earliest possible completion of the process in order to put an end to their uncertainties. As against this, the reported procrastination of the entire process at the SCCI will make it appear as if there is nothing abnormal about the time taken for the process except for some technicalities, which have remained unidentified.
It has also been claimed that the process of compilation of applications was being carried out transparently, and that allotments will be done through National Data Registration Authority (Nadra). Meanwhile, the applicants, including overseas Pakistanis, were asked to submit their applications for plots with a token amount of Rs 100,000, 10 percent of the total cost of the plot, in addition to Rs 2,000 processing fee for 500 square yards, and Rs 50,000 for 250 square yards plus Rs 1,000 as non-refundable processing fee.
However, for cottage industries, overseas Pakistanis had to deposit the entire amount in US dollars, or its equivalent in Pak rupees, with remaining 90 percent payable in four years in 16 quarterly instalments. However, possession of plots would be given on completion of all infrastructure facilities and on receipt of entire cost of plots. It will thus be seen that originally giving the impression of a fast tract project, the methodology seems to be infested by almost all the elements of procrastinating. All said, redeeming the plight of disillusioned small investors would also figure among other challenges the new government will have to face.