Chandigarh, Feb 22 (IANS): The Punjab Cabinet led by Chief Minister Bhagwant Mann on Thursday gave nod for convening the budget session of 16th Legislative Assembly from March 1 to 15 with budget presentation on March 5.

This was decided at a Cabinet meeting chaired by the Chief Minister here.

A spokesperson for the Chief Minister’s Office said the Cabinet authorised the Governor to convene the session, as per Article 174 of the Constitution of India. The Punjab government will present its budget for the financial year 2024-25 on March 5.

In order to give boost to the Medium and Small Scale Industries, the Cabinet also gave approval for setting up of dedicated Wing namely MSME Punjab in the Department of Industries and Commerce, Punjab.

This initiative is driven by the commitment of the government to address the diverse challenges faced by MSMEs and transform Punjab into a highly vibrant and dynamic industrial hub.

MSME Punjab will work towards enhancing the competitiveness of MSMEs, ensuring a steady flow of credit from financial institutions and banks to MSMEs, enabling them to fuel their expansion and innovation.

MSME Punjab will also provide handholding and support to MSMEs in adopting advanced technologies and modernising their operations to stay ahead in the global marketplace, facilitating setting up of common facilities centre in the areas of modern testing facilities and quality certification, etc., to ensure that products meet international standards, enhancing marketability.