Industrial sector to get 893 percent rise in 2011-12 Punjab budget

The industrial sector in Punjab, that contributes 25 percent of the provincial GDP, along with other related departments, like commerce and investment, would get 893.06 percent more share as the Punjab government has allocated Rs 2860 million in the budget for 2011-12 as compared to 2010-11 revised budget of Rs 288 million.
The provincial government is making efforts to make industrial products internationally competitive. The department aims at enhancing the growth of locally and internationally competitive industries in Punjab to achieve benefits in the shape of technological upgradation, employment generation in the industrial manufacturing, trade, services, cottage industries, sustained growth in profits from industrial and services sector, and export earning and sustained growth in foreign and local investment in manufacturing and service sectors in Punjab.
Besides, the provincial government envisages transformation of an agri-based economy into highly developed trade, marketing and investment sector in the next financial year which, in turn, would boost the economy of the province and bring prosperity through promotion of trade and investment in the province.
The objectives of making increase in the allocation are: first, to create an enabling environment that would help the private sector to grow and prosper; second, the resulting economic activity would help in achieving the government's objectives of employment generation, increased income and poverty alleviation, besides providing better quality of life to the citizens of Punjab; third, to encourage the private sector to invest in the province and generate growth in the economy to create employment; fourth, to improve infrastructure, necessary for economic uplift; fifth, to support provincial and federal policy formulation relating to commerce, strengthen domestic and international trade by facilitating private business; and finally, to create an influential network of accredited resources for business community, make commerce and investment as the provincial body for a powerful and influential network of accredited resources, a network that can serve the wider business community.
The provincial government has also designed strategic interventions to provide missing facilities in small industrial estates, establish sports goods and material testing laboratories in Sialkot, registration of geographical indications, conservation/documentation of heritage and development of handicrafts, product development and value addition of stone crafts at Taxila and rock salt products in the Salt Range.