Small and Medium Enterprises (SMEs) play a vital role in the economic development of Pakistan. However, this progress cannot be sustained, if there is no proper support from the government. In fact, the government is actually providing with many opportunities and steps to build the SMEs. A discussion on this can help you understand that small businesses are better in Pakistan.
As compared to other developing countries, it has been observed that the number of businesses have been growing steadily in Pakistan. However, at the same time, the growth rate is lagging behind the global norms. That's why, the government is working hard to improve this aspect and make small businesses more competitive.
There are two types of small businesses including those which are clustered and those which are not. Both these categories offer huge potential for the country. However, the cluster businesses are gaining momentum at a much faster pace. There are various reasons behind this.
First, the government is launching numerous projects to improve the productivity of the residents of the nation. These include various projects related to road, rail and air transport. Besides, the government is also embarking on building thousands of houses for the urban population. These will increase the population of cities within the next few years.
Another reason is the launch of various projects including projects like education sector, health care, science and technology, and construction. All these are expected to bring numerous gains for the people of the nation. To reap benefits from these projects, there will be need for more manpower in these sectors. The government is working hard to fill all the needs of its people.
Thirdly, the economy of Pakistan is growing tremendously. With the rise in demand for various businesses, entrepreneurs started to opt for starting their own businesses. This has made the scenario interesting for those who want to start a small business in Pakistan. There are several benefits of starting a business in this country.
The government of the country offers many supportive schemes to encourage entrepreneurs to establish their businesses. In fact, it is easier to get a concession in the form of exemption from taxes and further reductions on the capital paid as tax. The government also encourages small businesses through various programs. Some of these include grants, scholarships and various other financial packages.
Furthermore, the government of Pakistan has been successful in transforming the failed businesses into success stories. This is possible because of the presence of skilled professionals who have emerged as the backbone of the modern day businesses. They have trained staffs who are aware of the functioning of the government projects. These professionals guide and assist the businesses to bring success. All this is possible only because of the good efforts of the government of Pakistan along with the help and support of the private sector.
Although there are several advantages of starting a business in Pakistan, but they come under different categories. Some of these small businesses are established through the direct hands of government, while others are managed through the help of private investors. In fact, there are several small businesses that are run through the assistance of non-government organizations or NGOs.
There are numerous private sectors in Pakistan where small businesses flourish like textiles, shoe industry, and small scale industries. In fact, the government has taken an interest in promoting these businesses through various initiatives. The promotion of small businesses has been possible because of the presence of talented and skilled professionals from the private sector. They have also managed to improve the overall economic condition of the economy.
Another important thing to keep in mind is the fact that there are various private enterprises in Pakistan that are highly qualified and experienced. However, not all the private businesses in Pakistan are financially sound. There are many fraudulent companies operating in the country that have cheated people of their hard earned money. So, whenever you are searching for a company to get your work done, make sure you do the proper research.
Apart from this, another advantage of working with private companies is that the government has been actively involved in promoting small businesses. They have been ensuring that various measures are taken so as to provide stability to the economy. Moreover, they have also offered loans to many deserving individuals so as to sustain their agricultural activities. These loans are provided either on a secured or unsecured basis. For the secured form, you need to pledge any valuable asset as collateral. On the other hand, an unsecured form of loan can be obtained without putting anything as security.
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