Punjab Provincial Development Working Party (PPDWP) has approved three new programmes at the cost of Rs 11.5 billion for the promotion /development of Small and Medium Enterprises (SMEs) in the province. These programmes are: 1. Progressing Punjab by Entrepreneurial Development of SMEs (PPED) at the cost of Rs 6,000.000 million,
2. Developing SME Sector through Loan Markup Support Programme (LMSP) at the cost of Rs 3,000.000 million, and
3. Credit Guarantee Scheme for Development and Promotion of SMEs in Punjab at the cost of Rs 2,500.000 million to encourage the banks for lending to SME. Officials told Business Recorder that the government is giving high priority to the development of SMEs as these help provide many job opportunities and contribute greatly to lowering rates of unemployment.
SMEs are more Labour Intensive, depend on simple technologies, play an important role in the economy and in overall macroeconomic terms, SMEs contribute 30 percent to GDP of the country and 25 percent in export earnings and constitute over 90 percent of estimated 3.2 million business enterprises in the country
These schemes were approved in the 17th meeting of PDWP of current fiscal year 2018-19 presided over by Chairman P&D Habib ur Rehman Gilani. All members of the P&D, provincial secretaries concerned and other senior representatives of the relevant provincial departments also attended the meeting. The PPDWP also approved development of Ostrich Farming in Punjab (Revised) at the cost of Rs 90.574 million and Improvement/ Rehabilitation of Rawalpindi-Murree-Kashmir Road, Rawalpindi (Revised) at the cost of Rs 2,477.821 million.