Rs274.170mn released for industrial development

ISLAMABAD: The government has released Rs 274.170 million for various ongoing and new projects of the Industries and Production Division out of its total allocation of Rs 1029 million earmarked under the Public Sector Development Programme (PSDP) for Fiscal Year 2016-17 so far.

Out of the total released amount, Rs 77.540 million has been provided for development projects of Pakistan Gems and Jewellery Development Company, for which Rs 193.850 million was earmarked in the PSDP of current fiscal year.

The government also released Rs 32 million for Light Engineering Upgradation Center (LEUC) for SMEs in Balochistan out of its total allocation Rs 80 million for the current year.

Another Rs 32 million has been released for Hyderabad Engineering Support Center (HESC) for which the government earmarked Rs 80 million.

The government released Rs 27.660 for water supply scheme for Hub Industrial Trading Estate Phase II (Extension) out of its total allocation Rs 69.160 million, whereas Rs 10.140 million has been released for establishment of infrastructure in Queta Industrial and Trading Estate (Phase II) for which the government earmarked Rs 25.350 million.

In addition, Rs 9.8 million has been released for establishment of Gems and Jewellery Development Company Azad Jammu and Kashmir out of Rs 24.507 million allocation for this year while Rs 2.66 million has been released for establishment the CFC for Silk Cluster at Mingora Swat for which the government earmarked Rs 6.640 million.

Planning Commission of Pakistan has been following a proper mechanism to release the funds.

The commission has released 20 percent during first quarter (July-September), 20 percent in second quarter (October-December) and 30 percent each in third quarter (January-March) and fourth quarter (April-June) of the total funds.