Karachi: Small and Medium Enterprises Alliance (SMEA) President Zafar Iqbal has demanded worthy incentives to be included in the budget before it is presented in the National Assembly for approval, reported a news source. Iqbal pointed out that in the budget 2018-2019, the government has made no allocation for the small and medium enterprises (SMEs).
Attributing the SMEs as the driving force behind global economic activities, and providing over 80% jobs, and contributing up to 40% in GDP in Pakistan, Iqbal finds the budget missing on incentives for the enterprise.
According to Iqbal, the rules regarding SMEs are very complex, which makes it difficult to carry out business activities here. He added that the SMEA had also suggested that the government agencies engaged in collecting different levies such as social security and old age benefits to be reduced. This along with removing the harsh conditions of collateral for getting bank loans by SMEs are needed to make it easier for carrying out business activities.
Iqbal stressed that before budget is presented in the National Assembly for approval, it should include worthy incentives to enable the largest sector of the economy to provide more jobs and skills.
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