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Express Tribune
05-07-2025
- Business
- Express Tribune
SMEDA, Akhuwat join hands
Listen to article In line with the prime minister's vision of inclusive economic growth through grassroots entrepreneurship, the Small and Medium Enterprises Development Authority (SMEDA) has signed a Memorandum of Understanding (MoU) with Akhuwat Islamic Microfinance (AIM) to improve access to finance, formalisation, and hand-holding of micro enterprises across Pakistan. According to an official statement released on Saturday, the MoU was signed by SMEDA CEO Socrat Aman Rana and Akhuwat Foundation Founder and Chairman Dr Amjad Saqib, in the presence of Federal Secretary for Industries and Production Saif Anjum at the SMEDA head office. Addressing the ceremony, Secretary MOIP Saif Anjum highlighted that micro, small, and medium enterprises (MSMEs), as the backbone of Pakistan's economy, play a critical role in driving resilience, employment, and innovation. He emphasised that micro enterprises are a top priority in the prime minister's economic agenda. He noted that a steering committee, headed by himself, had been constituted to address challenges faced by the MSME sector. As part of its efforts, the committee has also initiated a reorganisation of SMEDA to enhance its effectiveness in serving the SME sector. "Today's MoU between SMEDA and AIM reflects the commitment of Prime Minister Shehbaz Sharif and SAPM Haroon Akhtar Khan to empower MSMEs," he stated. He expressed hope that the collaboration would strengthen micro-financing and capacity building, helping to create a robust ecosystem for bridging financial gaps and promoting inclusion of micro enterprises in the formal financial landscape. He lauded SMEDA's contributions in training, advisory services, and advocacy, and praised AIM's efforts in promoting financial inclusion. Earlier, SMEDA CEO Socrat Aman Rana welcomed the guests and outlined the objectives of the MoU. "This collaboration with Akhuwat is a concrete step toward realising the prime minister's dream of a robust and equitable entrepreneurial ecosystem," he said. He stressed SMEDA's focus on strengthening micro enterprises through targeted capacity building and streamlined regulatory processes. He acknowledged the role of the SAPM in facilitating the collaboration, citing his ongoing support for SMEDA's mission and advocacy for MSME development. Sharing sector data, the SMEDA chief noted that microfinance now serves nearly 12 million active borrowers, supported by a gross loan portfolio of approximately Rs644 billion, reflecting a strong 13% year-on-year growth. Notably, 46% of borrowers are women, highlighting the sector's inclusive and gender-sensitive impact. He added that the main areas of microfinance. trade and services (Rs144 billion), livestock and poultry (Rs164 billion), and agriculture (Rs138 billion), mirror the core of Pakistan's MSME ecosystem, especially in rural and semi-urban regions. However, he warned that access to formal finance remains a major hurdle for MSMEs, particularly in underserved areas. He termed the MoU a major breakthrough to bridge this financing gap and unlock Pakistan's entrepreneurial potential. Speaking at the event, AIM Chairman Dr Amjad Saqib expressed confidence that the collaboration would enhance micro enterprises' access to finance through AIM's nationwide network. He acknowledged the vital role of micro enterprises in poverty reduction and employment generation, and hoped the partnership would contribute meaningfully to national economic growth.
Time of India
27-04-2025
- Business
- Time of India
Nashik Municipal Corporation gets 81cr grant from state through 1% local body cess
Nashik: The Nashik Municipal Corporation (NMC) received a grant of Rs81 crore from state govt through the 1% local body cess (LBC). The civic administration said that property buyers within the municipal corporation limits are required to pay a total of 6% as stamp duty — comprising 5% as the standard stamp duty and 1% as the local body cess. State govt collects this 1% local body cess and subsequently transfers it to the respective municipal corporations. During the financial year 2024-25, the state's stamp duty department collected Rs138 crore through the 1% LBC. However, the NMC received only Rs81 crore during the same period. The NMC is yet to receive Rs56 crore from state govt. In 2023-24, the civic body received only Rs54 crore of the total Rs128 crore grant under the 1% local body cess. "For 2023-24, grant of Rs74 crore is still pending with the state. A total grant of Rs275 crore since April 2020 is still pending with state govt under the 1% LBC," an NMC official said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo "We are planning to send a letter to state govt, requesting to release of the pending grant under the 1% local body cess. The letter will be sent after approval from NMC commissioner Manisha Khatri," the official added. The upcoming Simhastha Kumbh Mela is being held in 2027, and the NMC needs funds to share its 25% contribution of the total spending. During the Kumbh Mela held in 2015, the NMC contributed 25% of the Rs1,050 crore in Kumbh Mela development plans approved by state govt. Looking ahead to the next Kumbh Mela, the NMC official said, "We anticipate needing at least Rs1,500 crore as our contribution. Therefore, we are requesting state govt to release the pending grant in preparation for the upcoming Kumbh Mela."
