CM approves launch of Rs 30 billion 'Punjab Employment Scheme'

LAHORE: With a view to developing small and medium enterprises (SMEs) and restoration of corona-affected businesses in the province, Chief Minister Sardar Usman Buzdar has accorded approval of the 'Punjab Employment Scheme' worth Rs.30 billion.

Under the scheme, soft loan up to Rs 10 million will be provided for existing business or launch of the new venture and the transgender community, along with men and women, are eligible to apply. The rate of mark up for womenfolk is kept less.

Managing Director Punjab Small Industries Corporation (PSIC) gave a briefing to the CM about the salient features of the scheme and revealed that an online portal has also been created in collaboration with the PITB.

The CM directed to launch this scheme in the current month as businesses have been affected due to corona. He also directed to ruminate about further reducing the mark-up rate along with the processing of applications in the minimum period. Special initiatives should be included in this scheme to boost the rural economy, he added.

Moreover, chairing a meeting at Punjab assembly about easing the process of setting up new cement factories in the province, the CM directed to simplify the complicated and lengthy process of establishing cement factories, as PTI government is creating ease of doing business.

Copyright Business Recorder, 2020