PSIC Board approves Rs5.65 billion budget

LAHORE:The Board of Director of Punjab Small Industries Corporation (PSIC) approved the annual budget of Rs 5.658 billion for the financial year 2021-22 during its 116th meeting chaired by Provincial Minister for Industries and Commerce Mian Aslam Iqbal here on Thursday.

PSIC’s annual budget includes Rs 3.822 billion for development and Rs 1.810 billion for non-development budget. Additional Secretary Industry and Commerce, MD Punjab Small Industries Corporation and board members attended the meeting.

The Board also approved reforms in PSIC pension scheme. Retired PISC employees will also get the announced 10 percent increase in pension. PISC employees will also get 25 percent disparity allowance according to government policy and rules of the finance department.

The Board also approved the revised PC-I of PSIC House, Small Industrial Estate Gujranwala, and Small Industrial Estate Wazirabad. The meeting decided to take action against those who constructed houses on the plots acquired for setting up industrial units in Small Industrial Estate Sahiwal. The approval for the expansion of Small Industrial Estate Faisalabad was also given in board meeting.

The board also approved the launching of work on Small Industrial Estate DG Khan and Small Industrial Estate Jhang. Other financial and administrative matters of PISC were also approved by the board.

Addressing the meeting, Aslam Iqbal said that the path of economic and trade activities has been paved by setting up new industrial estates across the province. He said 100 percent colonisation of industrial estates will be ensured at all cost.

The minister directed the concerned officers to expedite the work on the ongoing schemes of PISC and to complete the PC1 of the new schemes soon. He said that the infrastructure issues in all the small industrial estates of the province should be rectified.