The Chief Minister Punjab, encapsulating his vision to alleviate the poverty in the province directed to launch Self-Employment Scheme through which interest-free loans up to PKR 50,000/- are being provided to unemployed youth of Punjab, targeting especially the skilled Diploma Holders of TEVTA, PVTC, Sanatzar’s of Social Welfare Department or other Technical Training Institutes. The loans are being distributed by Punjab Small Industries Corporation (PSIC) and Akhuwat Foundation though a transparent procedure.
So far over PKR 16.3 billion have been distributed to over 867,000 families living in Punjab and it is projected to distribute around PKR 40 billion to 2.0 million families in the next 3 years. All loans being distributed are free of any interest.
While as an annual target we aim to employ 1.2 million workforce; the share of manufacturing sector is about 0.4 million. Industries, Commerce Investment & Skills Development Department has designed various interventions which will generate direct employment and these include launching of a Loan Markup Support Program which will target some 8000 SMEs with a cost of PKR 3 Billion through which in 5 years an estimated 115000 direct jobs will be created. Whereas, through Credit Guarantee Scheme for SMEs worth PKR 2.5 Billion will target 8000 SMEs in 5 years and another estimated 95000 jobs will be created. A a fund for new start-ups worth PKR 6 Billion has been launched as well which will target around 3000SMEs and estimated 45,000 direct employment will be generated.
TEVTA Job Creation
Year |
Training (2019 - 23 ) |
Funds Req. in Billion |
Self-Employed 35% |
Remarks |
|
2019 - 23 |
900,000 |
13.587 |
315,000 |
Subject to availability of funds and economic growth |