Punjab government has evolved a well-knitted plan for initiating Micro Finance loan scheme with an amount of Rs 1 billion aimed at generating self-employment opportunities and development of cottage industries on modern lines in the Punjab.
Official sources told Business Recorder here on Sunday under the scheme, loan facilities would extended to interested persons as well as to the businesswomen enabling them to establish small scale business and cottage industries in the Punjab. It is expected that a large number of SMEs and businesswomen engaged with different trades would be benefited of micro finance loaning scheme in the province.
The government has accorded special attention of the promotion of non-traditional products and to encourage both male and female people engaged with the cottage or small-scale industry in far-off area by providing marketing facilities sources said.
Apart from this Punjab government has spent Rs 1.70 billion on the modernisation of industrial sector and for the promotion of cottage industries in the province. Out of this total Rs 1.30 billion would be spent on the development of industrial sector while Rs 40 million would be mobilised on cottage industry for further accelerating the pace of economic activities with the concept of increasing the export-volume in the Punjab.
Under the programme special attention would be accorded on the establishment of maximum industries in remote areas in private sector for creating wide employment opportunities for educated and skilled persons for reducing rapid rural migration towards urban areas of the Punjab sources added.