Says economy won\u2019t be shut despite 5th Covid wave; startup-friendly ecosystem to unleash huge potential of e-commerce: big cities real engines of growth
\n ISLAMABAD
\nPrime Minister Imran Khan has reiterated his government\u2019s resolve to support small and medium enterprises (SMEs) for a robust economic growth through exports.
\nAddressing the launching ceremony of National SME Policy 2021 on Wednesday, the prime minister said that the government is taking every possible step to facilitate the youth in establishing businesses including startups.
\nUnderlining the importance of SMEs in the country\u2019s development, he urged the private sector to facilitate the government\u2019s initiative of providing more facilities to new businesses. \u201cThe land is very expensive in our cities … the government would facilitate the businessmen by providing loans at low interest rates and land on lease,\u201d he said. The premier added that in the past, only wealthy traders used to get loans from banks but the government has changed it and even the small traders can avail the facility.
\nThe prime minister said that stern action will be taken against all those elements that can create hurdles in the way of exports and agriculture industry. \u201cAction would be taken against those institutions that are creating hurdles [in setting up businesses],\u201d he added.
\nHe said all impediments are being removed to facilitate the registration process of SMEs. \u201cNow we\u2019re trying to automate things… we\u2019re trying to make a strategy with NADRA so we can increase the tax net in the country… we\u2019re a country with a population of 220 million but only 2.2 million pay taxes… a country cannot run this way.\u201d
\nThe prime minister said that despite having a population of 220 million people, the country\u2019s exports were only $22 billion when the government took over. \u201cSingapore with a population of only five million has an export of over $300 billion… many smaller nations have surpassed us,\u201d he added.
\nHe said, \u201cDespite Covid-19 challenges, our government received record remittances, tax collection and export revenue.\u201d He warned that another wave of coronavirus has gripped the country but reiterated his stance against lockdown, saying that his government will not shut down the economy.
\nThe prime minister said that the inspections from various institutions became a way for bribery, adding that in such a system a large organisation may survive but smaller businesses suffer the most and end up shutting down completely.
\nThe PM said that he understands that there is rising inflation in the country but added that the prices of commodities increased in the entire world. \u201cBut despite this, a record number of mobile phones, motorcycles and cars are being sold in the country.\u201d
\nHe further said that the policies of the government would soon yield results and many good things for the countrymen will come in near future.
\nEarlier, Minister for Industries and Production Khusro Bakhtiar said to facilitate new businesses the government has fixed around 19,000 plots for lease on easy instalments. He said an amount of Rs30 billion will be fixed for revamping SMEDA to facilitate the SME sector.
\nSeparately, chairing a meeting of young entrepreneurs\/startups on Wednesday, the prime minister said that the government is focused on creating a startup-friendly ecosystem to unleash the huge potential of e-commerce in the country.
\n\u201cThe future of business in the world is technology-driven e-commerce platforms. Cognizant of its importance, we are working to clear all kinds of impediments hindering its growth\u201d, he added. The prime minister appreciated the role of startups in generating employment opportunities for the huge tech-savvy young population, which is 2nd largest in the world.<\/p>\n
He vowed to fully facilitate and back them to materialise their true growth potential. He directed the authorities concerned to take effective measures to address concerns of startups relating to capital gains tax, digital signatures, intellectual property rights and attracting foreign direct investment.<\/p>\n
Meanwhile, chairing a meeting on the Plan for Big Cities, the prime minister said, \u201cWe are laying special focus on the development of big cities as they are the real engines of growth for the national economy.\u201d<\/p>\n
He said that due to rural to urban areas migration, the cities are facing multiple challenges including housing, job opportunities and civic amenities are scarce. It is necessary that work on special development packages for the big cities must be accelerated, he added.<\/p>\n
The prime minister directed the authorities concerned to take all possible measures to clear hiccups in the way of completion of various development schemes in big cities on priority basis in order to provide maximum relief to the residents. The prime minister also directed the authorities to work in close coordination and launch a concerted campaign for the uplift and development of big cities like Karachi, Lahore, Multan, Faisalsbad, Rawalpindi and Gujranwala. TLTP<\/p>\n","protected":false},"excerpt":{"rendered":"
Says economy won\u2019t be shut despite 5th Covid wave; startup-friendly ecosystem to unleash huge potential of e-commerce: big cities real engines of growth ISLAMABAD Prime Minister Imran Khan has reiterated his government\u2019s resolve to support small and medium enterprises (SMEs) for a robust economic growth through exports. Addressing the launching ceremony of National SME Policy […]<\/p>\n","protected":false},"author":2,"featured_media":239557,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1136,464,3152,3151],"class_list":{"0":"post-239546","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news","9":"tag-growth","10":"tag-robust","11":"tag-smes"},"yoast_head":"\n