LAHORE: Special Assistant to the Prime Minister for Industries and Production, Haroon Akhtar Khan, on Saturday unveiled the Prime Minister’s SME Development Vision during a media talk at the Small and Medium Enterprises Development Authority (Smeda) office, ahead of the Smeda Board of Directors’ meeting.
Khan said the Prime Minister considers the SME sector vital to Pakistan’s economic growth and envisions local SMEs becoming globally competitive.
He announced that, under the PM’s directive, the definition of SMEs has been broadened to include micro-enterprises. Businesses with an annual turnover of less than Rs30 million will now qualify for the benefits and facilities available to SMEs.
Khan noted that millions of small-scale businesses operate informally within households across the country, remaining unregistered and outside the tax net. These enterprises, he said, are unable to grow or contribute to national development. He assured that the government will introduce incentives to bring these businesses into the formal economy.
