Minister for Industry and Commerce SM Tanveer chaired the 123rd Board of Directors (BoD) meeting of Punjab Small Industries Corporation (PSIC) to discuss 14 agenda items here on Wednesday.
The BoD approved the PSIC budget of Rs 5.
1 billion for the financial year 2023-24, besides taking important decisions to expedite industrialisation.
It was decided to give a final chance to those who have not yet established industries on vacant plots in industrial estates.
The plot owner would have to fulfill obligations in the first month, submit a plan within three months, and start construction within the following three months.
The process of setting up industries on vacant plots would have to be completed within one and a half years.
Those who fail to establish industries within the stipulated time would have their plots canceled.
The board also reviewed the auction policy for plots and approved an honorarium of Rs 15,000 for board members at each meeting.
Furthermore, the revised plan for the Taxila Small Industrial Estate and the approved Employees Provident Fund Rules for PSIC employees were also passed.
Addressing the meeting, he emphasized that the government aims to achieve 100 percent colonization of industrial estates.
Therefore, all necessary steps would be taken to expedite the process of colonization.
He directed that all boards of management for industrial estates should be completed according to policy guidelines.
With the acceleration of industrialization, new employment opportunities would also be created, he added.
Additional Secretary for Industry and Commerce, MD & DMD PSIC and other members were also present.
