According to a news source on March 29, the Punjab Small Industries Corporation (PSIC) Board of Directors in Lahore has approved the Punjab Small Industrial Estate Policy 2023. SM Tanveer, the provincial caretaker minister for Commerce and Industry, chaired the meeting.

Various financial and administrative matters related to the PSIC were also approved during the meeting. It includes a decrease in the transfer of allotment fee from 3% to 1.5%. Also, a reduction in the down payment is required for booking a plot in the Small Industrial Estate from 60% to 40%. The Small Industrial Estate policy recommends several measures to expedite the colonisation of industrial estates in the province.

Additionally, the meeting approved the consultancy contract for the under-construction PSIC house project. It gave in-principle approval to establish a facilitation and training centre of the Small and Medium Enterprises Development Authority (SMEDA).

Minister Tanveer emphasised the importance of colonising industrial estates. It will promote economic activities and create job opportunities. He also clarified that real estate businesses are not allowed in industrial estates.