The setting up of mini industrial estates in remote rural areas is on the card aiming at promoting non-traditional products being produced in these areas and generate employment opportunities for skilled and semi-skilled persons on their doorsteps in the Punjab.
Official sources on Sunday told Business Recorder that the government has accorded special attention on the promotion and development of cottage industries and for this purpose Rs 40 crore would be spent on accelerating the pace of exports and enhancing the productivity in Punjab.
The development of industrial sector was top on the government agenda and during current fiscal period Rs 1.30 billion were being spent on the development of industrial sector in the province. The government has already introduced business-friendly policies for ensuring maximum establishment of industries in private sector and to expand the radius of setting up industries to rural areas for bringing industrial revolution in of the Punjab.
In order to facilitate the SMEs the Punjab government would soon initiate a" Micro Finance" loaning scheme with an amount of Rs 1 billion during current fiscal period for the development of cottage industries and creating self-employment opportunities in the province.
The concept of introducing of this scheme was to extend loan facilities to the interested persons for setting up small scale and cottage industries in the Punjab.
Punjab government has evolved a strategy for developing "Business Friendly" environment and setting up cottage industries aimed at ensuring Direct Foreign Investment (DFI) in various fields of industrial sector in the province while exporters and manufacturers were being motivated to bring innovation and diversification in their products coping with global market more easily, sources added.