Prime Minister Shehbaz Sharif was informed on Tuesday that companies with annual revenues up to Rs30 million have now been reclassified as micro-enterprises, bringing them under the scope of the Small and Medium Enterprise Development Authority (SMEDA).
The decision was announced during a meeting of SMEDA’s steering committee, chaired by the prime minister. Officials explained that this reclassification follows the prime minister’s directive aimed at enhancing growth within the small and medium-sized enterprise sector.
PM Sharif emphasized the crucial role of small and medium industries in national development and reiterated that the government is prioritizing their promotion.
SMEDA officials also briefed the prime minister on ongoing reforms, including a draft Women Entrepreneurship Policy that will soon be submitted for federal cabinet approval. Additionally, a digital portal for women entrepreneurs is set to be launched soon.
The Prime Minister’s Office issued a statement mentioning that SMEDA is working on several initiatives, including a new credit scoring model, export enhancement strategies, and a legal framework for SME subcontracting, much of which has been outsourced to external experts. SMEDA is also conducting a survey of 20 economic sectors in collaboration with the Federal Bureau of Statistics (FBS).
The meeting was attended by federal ministers, chief secretaries of all provinces, and representatives from Gilgit-Baltistan and Azad Jammu & Kashmir.
