The Punjab government has taken a significant step to empower small and medium enterprises (SMEs) by approving the Asaan Karobar Finance Scheme. This groundbreaking initiative endorsed during the Punjab cabinet meeting chaired by Chief Minister on Tuesday.
Interest-Free Loans of Up to Rs30 Million
The Asaan Karobar Finance Scheme will provide interest-free loans of up to Rs30 million to support entrepreneurs across various sectors, including agriculture. According to Information Minister Azma Bukhari, the scheme aims to foster economic growth, create employment opportunities, boost exports, and contribute to the overall economic development of the province. The initiative reflects the government’s commitment to empowering SMEs and encouraging innovation.
The application process for the scheme will launched soon, providing a lifeline to many aspiring and established entrepreneurs seeking financial assistance to expand their businesses.
Focus on Economic Growth and Job Creation
The scheme is designed to:
- Provide financial support to SMEs.
- Promote innovation and entrepreneurship.
- Enhance export potential in key sectors.
- Contribute to sustainable economic development in Punjab.
Other Cabinet Approvals
In addition to the Asaan Karobar Finance Scheme, the Punjab cabinet approved several key measures during the meeting:
- Hindu Marriage Act: A comprehensive law to regulate marriage procedures for Hindus in Punjab approved, ensuring the protection of minority rights.
- Motorcycle Speed Limit: To enhance road safety, the cabinet implemented a province-wide speed limit of 60 km/h for motorcycles, aimed at reducing accidents and fatalities.
Federal Cabinet Updates
In a related development, the federal cabinet, led by Prime Minister Shehbaz Sharif, approved revised agreements with 14 Independent Power Producers (IPPs). This decision could potentially lead to a reduction in electricity prices by up to Rs11, offering relief to millions of consumers across the country.
The Asaan Karobar Finance Scheme is a monumental step toward strengthening Punjab’s SME sector, which serves as the backbone of the province’s economy. With interest-free loans and a focus on fostering entrepreneurship, the initiative expected to transform the economic landscape of Punjab, creating new opportunities for growth and development.
Stay tuned for updates on the application process and further announcements related to the scheme.
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