| GEO Business|
| New industrial policy in 3 months: Wattoo|
| Updated at: 2156 PST, Monday, June 22, 2009|
LAHORE: Federal Minister for Industries and Production Mian Manzoor Ahmed Wattoo has said that new industrial policy of the country will be announced within next three months.
He was talking to newsmen before attending a meeting of National Fertilizers Corporation (NFC) here on Monday.
The minister said that the federal government has announced next fiscal year as a "year for revival of industry" and also allocated an amount of Rs 40 billion for revival of the industries in the budget which is a landmark achievement of the government.
The allocated amount will be used for revival of small and medium industries in the country and to augment the efforts for reducing cost of production for the big and export oriented industries, he said.
Wattoo said that the government is making serious efforts to bring the mark up rate on bank borrowing down and resolve the electricity and gas crises. He told that Pak-Iran gas pipeline project would be helpful in overcoming the energy crises in the country.
Expressing hope that there would be 3.3% industrial growth in the country during next fiscal year, the minister said that hurdles in way of industrial sector's uplift are being removed.
Small and Medium Entereprizers sector (SME) is being given full attention to boost the industrial growth, he said and quoted examples of Switzerland and China where contribution of SME sector in overall industrial growth is very high.