PSIC Board Approves Budget Of Rs 5658 Mln For FY 21-22

LAHORE, (UrduPoint / Pakistan Point News - 5th Aug, 2021 ) :Punjab Minister for Industries and Commerce Mian Aslam Iqbal presided over 116th meeting of the board members of Punjab Small Industries Corporation (PSIC), here on Thursday.

According to spokesperson for PSIC here, the board approved budget of Rs. 5658 million for the financial year 2021-22 comprising Rs 3822 million for development and Rs 1810 million for non-development budget.

The board also approved reforms in PSIC pension scheme. Retired PISC employees would also get the announced 10 percent increase in pension. According to government policy and rules of the Finance department, PISC employees would also get 25 percent disparity allowance.

The Board approved the revised PC1 of PSIC House, Small Industrial Estate, Gujranwala, and Small Industrial Estate, Wazirabad.

It was decided to take action against those who constructed houses on the plots acquired for setting up industrial units in Small Industrial Estate Sahiwal. Approval for 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. The Board also approved other financial and administrative matters of PISC.

Addressing the meeting, Provincial Minister for Industries and Commerce Mian Aslam Iqbal said that the way of economic and trade activities has been paved by setting up new industrial estates across the province, adding that 100 percent colonization of industrial estates would be ensured at all costs.

The Provincial Minister directed 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.

Mian Aslam Iqbal said that a plan should be made to use the redundant lands of PSIC and start commercial activities here and a comprehensive plan of reforms in Punjab Small Industries Corporation should be presented.

Additional Secretary Industry and Commerce, MD Punjab Small Industries Corporation and board members attended the meeting.