Punjab approves small loans of Rs 20,000

LAHORE:

The Punjab government has decided to provide easy loans of Rs 20 billion to restore economic conditions in the province disrupted by the coronavirus pandemic and the ensuing lockdown.

The Punjab Department of Industries has also sent a summary to the Chief Minister of Punjab, Sardar Usman Buzdar, which has been approved. Under this scheme, small loans of Rs 0.5 million to Rs 5 million will be distributed to beneficiaries.

The loan will be granted to new and old companies that have been affected by the coronavirus pandemic and the closure situation.

Until now, the government of Punjab had not implemented such a plan, but now the government has allocated Rs 20 billion, for which the Punjab government will provide Rs 9.5 billion and the Bank of Punjab will provide Rs 10.5 billion. rupees for this initiative and strategies. were made by the department of industries in this regard.

Punjab Industry and Commerce Minister Mian Aslam Iqbal said that the plan was being launched after Eidul Azha and that a lot of work had been done for it. “The Punjab government was working to revive industry in the province. The measure will provide employment to people and allow them to create job opportunities in small industries, ”said the minister.

These small industries, he added, will later become large industries and that is why not only will the country prosper but the government will also receive income. “This has been worked on,” he also said.

He argued that this was a positive step in the current situation so that all people whose businesses were affected by the Covid-19 pandemic can resume their work by taking cheap loans while young people trained with degrees can start their work.

He stated that strict conditions were not being set for obtaining loans, but measures were being taken to make it easier for people to obtain loans and pay installments. “Due to Covid-19, industries in Punjab were shut down and production decreased. At present, 45% of the industries are still closed ”.

He explained that the situation after Eidul Azha will be seen in terms of how to open this industry and this will accelerate economic activities in the province.

He stressed that cheap loans should be made to borrowers due to the ongoing financial situation so that businesses can reactivate.

Responding to a question, he said that initially this scheme was starting with 20 billion rupees, but will later be reviewed by the government, in case it is necessary to increase it.

“The department of industries is working to increase employment opportunities so that the country’s industries can receive relief and can work as much as possible and people can get jobs.”

The government was trying to keep the margin rate on loans low due to high production costs, as business activities cannot be accelerated due to high production, the provincial minister explained.

“Punjab CM has already established economic zones in the province which was inaugurated by Prime Minister Imran Khan. Now that the virus situation has been brought under control around the world, foreign investment is also making a comeback, employing millions of people in Punjab. “

In the coming days, the province will experience a new wave of prosperity, said the Minister of Industries.

Posted in The Express Tribune, Aug 1S t, 2020.

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