ISLAMABAD
Standing Committee on Industry and Production has been told that increase in interest rate is obstacle in development of small business.
The interest rate reached 22 percent.
First live stock farm is going to be built in Sheikhupura under name Royal Group in the name of Royal group.
This live stock farm will be made on collaboration with Chinese company and Royal Group.
Committee directed Secretary Finance to issue SME funds immediately.
The meeting of Committee was held under Chairman Committee Rana Mohammad Ishaq Khan in Parliament House.
Members of Committee said that institution has completed 25 years.
What goals have been achieved so far?
Industries of the country are in decline.
If we import tissue papers then what are we making?
Secretary for Industry and Production told that you have highlighted an important issue and it has several reasons.
We have not made policies to develop industries.
CEO EDB told that funds of SME are stuck in Ministry of Finance.
Sahiwal has great potential for rice, livestock.
He suggested that special banks should be formed for promotion of small and medium industries.
The interest rate should be reduced to benefit small businesses.
Members of Committee said that previous government gave a loan of 3 billion dollars at zero interest rate.
CEO said that we are limited to small industries and we are not aware of this loan.
Before initiating of standing committee meeting for industry and production in National Assembly (NA) authorities of Engineering Development Board in proceedings of informal meeting told that 3 lakh 17 thousand vehicles were made in 2021-22.
1 lakh and 37 thousand vehicles were made in last year (10 months).
There was a big drop in the production of vehicles.
Import restrictions had also an impact.
Secretary for industry and production said that government has also increased taxes on vehicles.
The sales of vehicles and production have been decreased due to taxes on vehicles.
Authorities of EDB said that government gets RS 40 lakh tax on vehicle valuing RS 80 lakh.
Car manufacturing companies are making vehicles according to demand.
