Rs 5.1b approved for PSIC budget

LAHORE: The Punjab government Wednesday approved Rs 5.1 billion budget for the Punjab Small Industries Corporation (PSIC) for the fiscal year 2023-24.

The approval was given in 123rd Board of Directors meeting of the PSIC chaired by the caretaker Provincial Minister for Industry and Commerce SM Tanveer.

The BOD meeting held at the PSIC committee room and discussed 14 agenda items and approved Rs.5.1 billion for the financial year 2023-24 besides taking important decisions to expedite industrialisation.

It was decided to give a final chance to those who have not yet established industries on vacant plots in industrial estates. The plot owner will have to fulfill obligations in the first month, submit a plan within three months, and start construction within the following three months.

The process of setting up industries on vacant plots will have to be completed within one and a half years. Those who fail to establish industries within the stipulated time will have their plots canceled.

The board also reviewed the auction policy for plots and approved an honorarium of Rs 15,000 for board members at each meeting.

Furthermore, the revised plan for the Taxila Small Industrial Estate and the approved Employees' Provident Fund rules for PSIC employees were also passed.

Addressing the meeting, the minister emphasized that the government aims to achieve 100 percent colonisation of industrial estates.

Therefore, all necessary steps will be taken to expedite the process of colonisation. He said all boards of management for industrial estates should be completed according to policy guidelines.

With the acceleration of industrialisation, new employment opportunities will also be created, he added. Additional Secretary for Industry and Commerce, MD & DMD PSIC and other members also attended the meeting.