The President of Pakistan Business and Intellectuals Forum (PBIF) told on Wednesday that the total gross domestic product (GDP) has decreased 40 percent and exports 30 percent. It is a bad sign for small and medium enterprises (SME).
Currently, almost 35 percent SMEs are established in Punjab and only 2 percent in Baluchistan. The banking sector has totally failed to provide loans and other facilities, which are helpful to promote the industries. In addition to this, inflation rate, tax system and shortage of energy resources are also creating many problems. Due to this reason, the unemployment rate in Pakistan is rapidly increasing.
Keeping in view of this situation, the government of Pakistan should announce substantial grants and develop proper plans for SMEs.
By Talha Pasha