Punjab government has worked out a strategy for setting up maximum cottage and agro-based industries in the province. Official sources told Business Recorder here on Wednesday that the government had set aside Rs 6 billion for extending loan facilities to the SMEs and other interested persons for setting up new industrial units and for upgradation of existing one in Punjab.
The government had also planned to establish agro-based industries in remote and neglected areas by giving incentives and concession to the interested investors for setting up such industries in their respective areas.
The objective of the programme is to generate employment opportunities for the skilled and semi-skilled persons besides discouraging the rapid rural migration towards the cities of the Punjab. The proposed programme will also serve dual role in broadening strong industrial base and ensure the development process in far-off and neglected areas of the Punjab.
The Punjab Small Industries Corporation (PSIC) would extend full guidance, assistance and loan facilities to the interested businessmen and newcomers for setting up and upgrading their industrial units in the Punjab, sources added.