Karachi (Commerce Desk): The Federal B Area Association of Trade and Industry has demanded that the interest rate on long-term loans for the revival of small and medium-sized industries be reduced to 2% annually.
FABATI President Raza Hussain said in a letter to the Governor of the State Bank that a special scheme should be introduced to provide financial assistance to small industries at a fixed rate. According to him, expensive bank loans have made it difficult for industrialists to purchase machinery and increase production capacity.
He said that small industries are under continuous pressure due to high interest rates, expensive energy tariffs and rising taxes. Therefore, a comprehensive and sustainable financial plan should be prepared for the sector.
Raza Hussain demanded that, like exporters, small industries should also be provided loans at low interest rates. According to him, rising closures of industrial units are also increasing unemployment.
According to FABATI, a letter regarding policy for small and medium-sized industries has also been sent to Finance Minister Muhammad Aurangzeb.