Punjab Small Industries fails to fulfil PM Khan’s dream

By Sudhir Chaudhry
LAHORE: The Punjab Small Industries (PMS) has failed to meet the expectations of Prime Minister Imran Khan of providing loans to the small and big businessmen.
According to details, in the last one year PMS has received hundred of thousands of applications for loan in the last one year but only a few hundred applicants managed to get money. The banking sources said that due to strict conditions of Bank of Punjab and PMS, the youth of the province could not get loans.
According to documents available with The Freedom, as many as 170,000 people applied for loans to PMS but only 800 managed to qualify for the easy loan. It was planned that around 16,000 SMEs would be given Rs 30 billion in loans.
The Provincial Minister for Industries and Trade has shown displeasure over the performance of PMS. “The minister has also asked the officials of PMS to expedite the process of giving loans to the small and medium industries,” the sources close to the development said.
It is pertinent to mention that as per Punjab Rozgar Scheme, the loan of Rs 100,000 to Rs 10 million would be given to the deserving entrepreneur. The purpose of the scheme was to fulfil the dream of Prime Minister Imran Khan of giving opportunities and loans to the youth at low mark ups.
“The Bank of Punjab and Punjab Small Industries have make the conditions of loans so difficult that getting loan has become impossible,” said the sources adding it seems that Punjab government is least bothered for IK dream.

Muhammad Sudhir Chaudhry is senior journalist and Special Correspondent of The Freedom. He can be reached at muhammadsudhirch@gmail.com