The Punjab government has formulated a strategy to set up maximum cottage and small scale industries, including agro-based industries in the province.
Official sources told Business Recorder here on Saturday that the provincial government had set aside huge funds for the development of cottage and small-scale industries aimed at generating a large number of employment opportunities for the skilled and semi-skilled persons in Punjab.
The government had planned to establish agro-based industries in remote and neglected areas by giving the incentives and concession to the interested persons for setting up such industries in their respective areas.
The concept of this programme was to generate employment opportunities for the skilled and semi-skilled persons besides discouraging the rapid rural migration towards the cities, they said, adding this proposed programme will also serve its dual role in broadening strong industrial base and ensure the development process in far-off and neglected areas.
Sources said the government had already introduced business and investment-friendly policies for ensuring industrial enlargement and foreign investment in the province. The concept of setting up maximum small scale and cottage industries was to tackle the threats of unemployment as well as to further accelerate the pace of export activities, they added.
In addition to this, they said the government was constantly calling upon the business community to produce non-traditional products along with the routine production of traditional products as well as to concentrate on bringing innovation in their products. The diversification of products would be much supportive in increasing the export volume in the province, they added.
The Punjab Small Industries Corporation (PSIC) would extend loan facility up to Rs 5 million on 8.7 percent mark-up rate to the interested persons for setting up new industries and upgradation process of their existing industrial units in the province. The Punjab Industries Department had managed as many as 750 items after great research, which could be manufactured and produced these products at the local level with very small capital, the sources said.
The PSIC would extend full guidance, assistance, and loan facilities to the interested business and newcomers for initiating the production work on identified items.