ProPropertyNewsPSIC Approves Small Industrial Estate Policy 2023

PSIC Approves Small Industrial Estate Policy 2023

LAHORE: The Board of Directors of the Punjab Small Industries Corporation (PSIC) has given the green light to the Punjab Small Industrial Estate Policy 2023.

The meeting, chaired by provincial caretaker Minister for Commerce and Industry SM Tanveer, also covered some financial and administrative issues related to PSIC.

Among the details approved were a reduction in the transfer of allotment fee from 3% to 1.5% and a decrease in the down payment required to book a plot in the Small Industrial Estate from 60% to 40%.

The policy includes various measures to hasten the colonization of industrial estates in the province.

In addition, the meeting sanctioned the consultancy contract for the under-construction PSIC house project to the Infrastructure Development Authority of Punjab (IDAP).

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It also gave its initial consent to establish a Small and Medium Enterprises Development Authority (SMEDA) facilitation and training center at the Small Industrial Estate.

During the meeting, Minister Tanveer emphasized that the colonization of industrial estates is critical for promoting business and economic activity in the region.

The provision of subsidized plots aims to establish factories and generate employment opportunities, he explained. He also made it clear that real estate enterprises are not permitted in industrial estates.

Overall, these developments reflect the government’s efforts to encourage the growth of small and medium industries in Punjab by providing them with the necessary resources and support.

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