Business Observer

The Large Scale Manufacturing Industries (LSMI) output increased by 5.15 percent in the first quarter (July-September) of the current fiscal year 2021-22 compared to the same period last fiscal year, i.e., 2021, data released by the Pakistan Bureau of Statistics (PBS) showed on Thursday.

According to the provisional Quantum Index numbers of Large Scale Manufacturing Industries (QIM), the LSMI output increased by 1.19 percent for September 2021 compared to September 2020 and decreased by 0.72 percent compared to August 2021.

The LSM data released by the PBS after collecting it from the Provincial Bureau of Statistics (BOS), the Oil Companies Advisory Council (OCAC), and the Ministry of Industries showed that the OCAC recorded month-on-month growth of 4.47 percent in September 2021 against the previous month and 9.57 percent growth was recorded year-on-year in September 2021 against September 2020.

The data showed that the sectors related to the Ministry of Industries witnessed a growth of 0.51 percent in September 2021 against August 2021 on an MoM basis, while year-on-year basis, it registered a growth of 2.16 percent in September 2021 as compared to the corresponding period of 2020.

The PBS data said that LSM-related data to the BOS month-on-month witnessed a decline of 4.42 percent in September 2021 against the previous month and on a YoY basis, BOS witnessed a negative growth of 2.51 percent in September 2021 against September 2020.

The production in July-September 2021-22 as compared to July-September 2020-21 has increased in textile, food, beverages and tobacco, pharmaceuticals, cook and petroleum products, chemicals, non-metallic mineral products, automobiles, iron and steel products, paper and board, leather products, engineering products, and wood products while it decreased in fertilizers, electronics, and rubber products.

Textile, the top contributing sector to the overall big industry output, increased by 0.80 percent, food, beverages, and tobacco by 3.39 percent, cook and petroleum products by 4.75 percent, pharmaceuticals by 11.53 percent, chemicals by 4.70 percent, automobiles by 42.64 percent, iron and steel products by 13.77 percent, leather products by 13.94 percent, engineering products by 3.17 percent, non-metallic mineral products by 1.44 percent, paper and board by 13.12 percent and wood products by 4.44 percent during July-September 2021-22 compared to the same period of 2020-21.

The sectors showing decline during July-September 2021-22 compared to July-September 2020-21 included fertilizers 2.66 percent, electronics 4.51 percent, and rubber products 31.50 percent.

The petroleum products on year-on-year witnessed growth of 4.75 percent as its output increased from 3.446 billion liters in July-September 2020-21 to 3.610 billion liters in July-September 2021-22.

High-speed diesel witnessed 2.89 percent growth in July-September 2021-22 and remained 1.437 billion liters compared to 1.396 million liters during the same period of the last year.

Furnace oil witnessed 4.86 percent negative growth in July-September 2021-22 and remained 637.354 million liters compared to 669.917 million liters during the same period of the last year.

Motor spirit witnessed a growth of 6.18 percent in July-September 2021-22 and remained 868.792 million liters compared to 818.236 million liters during the same period of last year.

The LPG witnessed 12.40 percent growth in July-September 2021-22 and remained 226.925 million liters compared to 201.892 million liters during the same period last year.

Jet fuel oil witnessed 18.51 percent growth in July-September 2021-22 and remained 156.993 million liters compared to 132.474 million liters during the same period last year.

Kerosene oil witnessed 2.28 percent growth in July-September 2021-22 and remained 36.697 million liters compared to 35.878 million liters during the same period last year.

Sugar production remained zero in July-September 2021-22 and was also zero in July-September 2020-21, as shown by the PBS data.

Cement witnessed 1.64 percent growth in July-September 2021-22 and remained 11.496 million tonnes compared to 11.310 million tonnes during the same period of last year.

Tractors witnessed 11.33 percent growth in July-September 2021-22 and remained 12,533 numbers compared to 11,258 during the same period of last year.

Motorcycles witnessed 4.76 percent negative growth in July-September 2021-22 and remained 557,673 compared to 585,575 during the same period of last year.

Source: Pro Pakistani

Prime Minister Imran Khan launched on Thursday a pilot phase of ‘Digital Power of Attorney’ service for the overseas Pakistanis to facilitate them in the process of issuing Power of Attorney (PoA). The service will initially be made operational at 10 Pakistani missions abroad and will subsequently be replicated at all other missions.

National Database & Registration Authority (NADRA), in collaboration with the Ministry of Foreign Affairs, has designed, developed, and implemented a web-based solution that allows applying for issuance of PoA.

The digitization of issuing PoA for the expatriates aims at addressing the inconvenience, faced by them, of physically visiting embassies. The digitization of service will provide the much-awaited ease to the expatriates who used to go through a tedious process of physical appearance at their respective embassies and consulates.

The 10 pilot phase missions are Washington D.C., New York, Chicago, Houston, Los Angeles in the United States, and London, Birmingham, Manchester, Glasgow, and Bradford in the United Kingdom.

In his remarks on the development, Chairman NADRA, Tariq Malik, said rolling out digital services for expatriates was a step forward towards implementing the Prime Minister’s vision of creating ease in public service delivery. Every year, he underlined, over 73,000 overseas Pakistanis physically visited embassies and missions abroad for PoA issuance.

“The digital solution for the issuance of power of attorney from the comfort of their homes is a leap forward putting an end to customer inconvenience alongside saving time and traveling costs for Overseas Pakistani,” he added.

It is worth mentioning here that the overseas Pakistanis, residing in the countries or cities having no Pakistan embassy/consulate, will largely benefit from this online facility, as they had to travel to Pakistan’s diplomatic missions in the nearest countries for issuance of PoA.

This innovative solution for the PoA utilizes state-of-the-art Pak-ID Online Biometric Verification Services. During the application, the applicant(s) (also known as Executor(s)) along with two witnesses will scan and upload their paper-based biometrics, which is verified through the national database in real-time

Following successful biometric verification, NADRA has enabled a Video Interview Module in the application that will allow the Consular Officer at the concerned Pakistan mission abroad to conduct an online interview of the executor(s), witnesses, and notarise their consent to execute the PoA. The solution has features to upload the scanned documents, pictures and also allows Consular Officer at the Foreign Mission to compare and verify the details against NADRA data. The features incorporated above meet the global benchmarks of e-KYC compliance.

In addition to software development and biometric verifications, NADRA will continue to provide customer support to end-users facing issues with their application through Pak-ID Live Chat Feature. NADRA will also provide post-deployment technical support and maintenance services to MoFA.

Source: Pro Pakistani

Advisor to the Prime Minister on Finance and Revenue, Shaukat Tarin, held a meeting with renowned International Economist, Dr. Arthur B. Laffer, at Finance Division today. Members of the American Business Council, Secretary Finance, and senior officers participated in the meeting.

Welcoming Dr. Arthur B. Laffer, the Advisor highlighted the current economic situation of Pakistan and briefed on the steps taken by the present government to address the challenges faced by the economy of Pakistan.

The Advisor stressed that priority sectors such as the modernization of agriculture, IT, and industry, as vital for the increase in exports and economic growth. The government has taken pragmatic steps to tackle inflation, stabilize foreign exchange and increase productivity, he added.

Dr. Arthur B. Laffer appreciated the efforts taken by the present government in various sectors for economic progress and development. Citing examples from USA, Turkey, and China in achieving economic stability, he suggested key economic reforms to boost prosperity and economic growth in Pakistan. He cited great potential in accelerated privatization, simplification of taxes, and strengthing of the exchange rate to push the economy forward.

The Advisor welcomed Dr. Arthur’s suggestions on the economy and valuable support for bringing economic progress to Pakistan.

Source: Pro Pakistani

Pakistan’s liquid foreign exchange reserves depleted $381 million in the week ended on November 12, 2021, according to State Bank of Pakistan (SBP).

The reserves fell below the $24 billion mark after the staggering outflows, as they stood at $23.5 billion.

The foreign reserves held by SBP stood at $16.95 billion. The net foreign reserves held by commercial banks stood at $6.605 billion.

The depleting foreign exchange reserves have continued to put pressure on the strength of the Pakistani Rupee against the Dollar. Expected inflows of the Kingdom of Saudi Arabia and the International Monetary Fund are likely to strengthen the Rupee against the Dollar.

Source: Pro Pakistani

Special Assistant to the Prime Minister on Poverty Alleviation and Social Safety Division, Dr. Sania Nishtar, announced on Thursday that Ehsaas 8171 service was reopening on Friday for enrollment of families under Ehsaas Rashan Registration.

Speaking to media persons during her visit to various cities and towns on the third leg of the Ehsaas Rashan Tour to 30 Cities, she said the service was aimed to facilitate the enrollment of deserving families with no access to internet connectivity.”

According to a press release, Dr. Sania Nishtar visited 10 small cities and towns around Attock, Chakwal, Mianwali, and Dera Ismail Khan. She had visited 14 small cities and towns along the G.T. Road from Jhelum to Peshawar the last weekend.

During the visit to Fateh Jhang, Talagang, Lawa, Moosa Khel, Purani Kiri, Mianwali, Kundiyan, Saidaliyan, Rangpur Adda, and Dera Ismail Khan, Dr. Sania was joined by senior officials of National Bank of Pakistan (NBP), Ehsaas, and district administrations.

“Part of Ehsaas Communications Strategy, these visits are aimed to mobilize people and local information resources on the ground for raising awareness on the Ehsaas Rashan registration campaign,” said Dr. Sania.

Speaking to retailers, trader associations, and the public in each of the 10 small cities and towns, Dr. Sania guided them that Kiryana owners [retialers] from all over the country could register themselves exclusively via the online Rashan portal: ehsaasrashan.pass.gov.pk that was open for registration till next two weeks.

Dr. Sania also convened two press conferences on Ehsaas Rashan Riayat with the local press and electronic media in Mianwali and Dera Ismail Khan.

She explained that families earning less than Rs. 50,000 a month could register themselves under the Rashan program of Ehsaas. Only one member of an applicant’s family whose cell number is issued on his personal Computerised National Identity Card (CNIC) can enroll his family either through web-portal or 8171 SMS service, she explained. She added that a monthly subsidy of Rs. 1,000 would be granted to every eligible family on the purchase of flour, cooking oil, and pulses.

Recently, the federal cabinet has also approved the criteria that deserving families of foreign travelers and government employees with salaries less than Rs. 31,500 can also benefit from Ehsaas Rashan Riayat.

Regarding enrollment of Kiryana merchants, it is mandatory for them to have an android cell phone and a bank account with any branch of NBP. In addition to the subsidy amount, the authorized retailers will also get 5-8% commission every morning against their previous day’s transactions into their bank accounts. Based on their performance, retailers will also be able to win cars, motorcycles, mobile phones in quarterly lucky draws.

To a question, Dr. Sania said the Rashan mobile Point of Sale (mPOS) app would be available on Google Play Store for the use of authorized Kiryana merchants.

Ehsaas Rashan Riayat worth Rs. 120 billion would cover 20 million families — an overall 53% population of the country including those already registered under the Ehsaas Kafaalat program.

Source: Pro Pakistani