The definition of ‘land’ needs to be redefined and land falling under residential or commercial category could also be incorporated. This would be an expansion of PIU. Mr. Aziz further said that only then the real purpose of the act could be materialized.
It may be recalled that the cabinet has formed an inter-ministerial Committee headed by Minister for Privatisation to propose amendment in the above mentioned act.
The Minister asked the financial institutions for extending their credit facilities to allied industries for a balanced economic growth and development in the country. The Federal Minister suggested that the banks for considering the provision of credit on basis of disposable income instead of using typical methodology, which ultimately hinders equal opportunity to rural people seeking loans from banks.
They were of the view that the amendment in the subject rule would enable the banking sector to extend its outreach to other sectors of the national economy for a balanced growth and multifaceted progress.
The participants agreed upon the proposed amendments and appreciated the efforts made by the Minister Privatisation and agreed to move ahead with these amendments.