Govt Prepares a Comprehensive Plan to Achieve Inclusive and Sustainable Growth

The Federal Finance minister Shaukat Tarin has said that the Pakistan Tehreek Insaf government on the recommendations of the high-level Economic Advisory Board has prepared a comprehensive plan to achieve inclusive and sustainable growth.

The Finance Minister along with the other economic ministers as well as members of EAC explained to the media about the short-term and long-term plans prepared by the vertical of EACs.

The Finance Minister said Economic ministries were working without any proper planning since 1972. “Our government formed a high-level EAC and we have added the private sector people in different groups,” he added.

He also said that the Pakistan Institute of Development Economics (PIDE) will help the EAC groups in order to implement the recommendations furnished by these verticals.

The groups will brief Prime Minister Imran Khan on a monthly basis about the implementation of the plan, he announced.

He also said that there are positive sentiments coming from overseas chambers as well as the business community. Pakistan textile exports grew by 16% and we have also started manufacturing mobile phones which is a good omen for the country, he added.

The minister for industries and production Khusro Bukhtiyar said that Covid-19 hit Pakistan’s manufacturing sector badly despite the fact, Large Scale Manufacturing grew by 15% due to prudent policies of government including industrial support packages, relief and incentives to export-oriented industries, duty exemption under China-Pak Free Trade Agreement-II and Electricity and gas subsidies.

He also said that the government has also announced various policies such as Auto, SME and Mobile Device Manufacturing Policies and these have not only generated income but also employment.

The minister explained that 236,664 automobiles were sold in 2020-21 while production in 2021-22 will cross 300,000.

He also said that the government will promote and develop the allied sectors of LSM under the SME policy. In addition, the ministry has not only simplified the regulatory regime but also we have announced certain tax incentives in this budget.

Under the Mobile Device Manufacturing Policy, Pakistan is now manufacturing mobile phones. the domestic production was 12.27 million (including 5,500 exported) from January to July 2021 whereas 8.29 million were imported.

He also announced that M/s Samsung will start local manufacturing shortly.

He also said that the government will now focus on the expansion of production capacity in these sectors to meet expanding requirements.

The minister also revealed that the government is going to establish a Karachi Industrial Park on 1500 acres of Pakistan Steel Mill land which will cost around Rs. 7 Billion. The project will further augment the mercantile potential of Karachi, he added.

Minister for National Food Security Fakhar Imam said new initiatives are being launched to strengthen the agriculture sector.

He said the country witnessed a significant increase in major crops. He said our focus is now on improving cotton production by providing quality seeds and other inputs to the farmers at reduced rates.

He said the research institutes will be upgraded to achieve high productivity in the agriculture sector. He said the government is giving special emphasis to improve the living standards of the farmers. For this purpose, we increased the support price of wheat from fourteen hundred rupees per forty kilograms to eighteen hundred rupees per forty kilograms. Efforts, he said, are also afoot to upgrade the livestock sector.

Adviser on Commerce and board of investment Abdul Razak Dawood said the government’s target is to bolster exports. He said export targets are being achieved.

He said we want to rationalize our imports by encouraging local production. He expressed satisfaction over the local manufacturing of mobile phones.

Razak Dawood said we have done the tariff rationalization and fifty percent of raw material being imported is duty-free. He said this facility will be further expanded in the next budget.

Dr Ishrat Hussain also emphasized the need for empowering the local bodies in order to provide basic amenities to the people at their doorsteps. A plan has been prepared to revamp the state-owned enterprises, he added.

While giving an answer to one question, the Finance Minister ruled out the possibility of coming out of the IMF program.

“Our negotiations with the IMF are going on and I will also visit Washington in October for one on one talks with the international lender, “he added.

In another question, he said that I cannot comment on the last three years’ performance but can share the details of work done during my tenure.

“Our intent is noble and we have prepared these plans to put the economy on a growth trajectory and I am also ready to sit with the opposition parties on finalizing the character of the economy,” he added.

Source: Pro Pakistani