Punjab budget 2017-18: Rs 15.05 billion proposed for industries & investment sector

The Punjab government in its budget presented here on Friday has proposed to allocate an amount of Rs 15.05 billion for the financial year 2017-18 for industries, commerce and investment sector which also include an allocation of Rs 2 billion for Chief Minister's self employment scheme.
An amount of Rs 4 billion has been made available for Punjab Industrial Estate Development and Management Company (PIEDMC) while Rs 3 billion have been earmarked for SME credit scheme and Rs 4.6 billion for skill development sector in Punjab. The major targets set for the next financial year included provision of infrastructure for establishment of new industries, establishment of e-portal for business registration, development of Quaid-e-Azam Apparel Park, provision of need-based technical and vocational training, customised lending and empowerment of artisans, promotion of handicrafts industry and preservation of regional crafts, cluster development to enhance colonisation, skills training of 645,000 individuals under Punjab Skills Development, Technical Education and Vocational Training Authority (TEVTA), Punjab Vocational Training Council (PVTC) and Punjab Skills Development Fund (PSDF).
Industries, commerce and investment sector is one of the main pillars of Punjab growth strategy that envisages promotions of industry, commerce and investment for technological upgradation, employment generation in industrial and services sector. Moreover, it focuses on attracting private sector investment as well as increasing exports. The department has also focused on facilitating the skill sector for meeting the requirement of industrial sector.
It is worth mentioning that during the financial year 2016-17, Rs 14.587 billion were allocated to this sector including Rs 3 billion for Chief Minister's self-employment scheme, Rs 2.1 billion for PIEDMC/FIEDMC for establishment of industrial estates and Rs 8.515 billion for skill enhancement programmes in Punjab.
The provincial government during the current financial year made some achievements like completion of infrastructure work in Small Industries Estate, Faisalabad, development of infrastructure in Small Industries Estates of Sialkot (SIE-Phase I), Small Industries Estate Phase I & II Gujranwala, and Small Industries Estate Bahawalpur, research and publication of books on crafts and life of craftsmen/artesian of five districts of Punjab including Lahore, Gujranwala, Sheikhupura, Gujrat and Chakwal, construction of new hall in government printing press Lahore/Bahawalpur, training of 591,000 individuals through skills development programme/projects of PSDF, TEVTA and PVTC.
The provincial government also proposed to allocate an amount of Rs 1.5 billion for the next financial year for mines and minerals sector which includes Rs 500 million for regular program and Rs 1.0 billion for Punjab Minerals Company (PMC).
Punjab has almost one billion tons of coal and 900 million tons of iron ore reserves. Mines and minerals department is leaving no stone unturned to promote and facilitate mines and minerals exploration in Punjab to attract local and foreign investment, thereby ensuring a positive thrust in the provincial GDP. Punjab is lavishly blessed with mineral wealth that needs to be exploited systematically.
With a view to tap the mines and mineral potential in the province, seven projects would be completed during the year out of 13 projects. Major targets for 2017-18 include short-term skill development project (chief minister skill development initiative), study of semi mechanised mining techniques in salt range, capacity building and strengthening of directorate general mines and minerals, Punjab, strengthening of mines sample testing laboratory, Khushab, upgradation of Punjab School of Mines in Katas, District Chakwal, establishment of strategic planning unit to capacitate the department, construction of offices and residences in Lahore, Mianwali, Khushab and Chiniot and setting up of rescue squad at Pull No 111 District Sargodha.
The Punjab Mineral Company (PMC) is presently working on exploration and resource estimation of iron ore and associated metallic minerals in Chiniot Rajoa and coal mines survey in Punjab. Major initiatives of the company include feasibility study and selection of concessionaire/investor(s) for iron and associated minerals mining and establishment of steel mill in Punjab is in progress, underground coal mines survey in Punjab is near completion, mineral resource mapping, estimation, exploration and data cataloguing is in progress, study of establishment of model mine based on semi mechanised mining techniques in salt Range Khushab/Chakwal, and development and implementation of coal pricing framework in Punjab.