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November 29, 2020

Economic growth

Newspost

 
November 29, 2020

The importance of cottage and small scale industries in the economic growth of developing countries is not hidden from anyone. We have many examples, including that of Japan’s and Malaysia’s, which show how the country’s economy was strengthened following the growth of domestic and small scale industries. Small factories are those that run on simple machines and have a small workforce. In our country, the authorities had set up the Small and Medium Enterprises Development Authority (SMEDA) to solve the problems of all the people associated with this industry. But this particular institution couldn’t do anything to solve the problems faced by small industries.

At present, electricity and gas bills and loans have caused huge losses to small scale and cottage industries. Due to the unavailability of loans on easy terms, our industries, which are an important source of foreign exchange, are suffering significantly. To promote small scale and cottage industries, the government should provide easy loans, discounts in electricity and gas bills, and other facilities. These steps will not only eliminate unemployment but also increase the country’s GDP.

Zulqarnain Abbasi

Murree