Faisal Malik commends austerity measures, reduction in inflation
Federal Minister for Industries & Production and National Food Security Rana Tanveer Hussain during a meeting with Chairman and Editor-in-Chief of Pakistan Observer, Mr Faisal Zahid Malik shared his ministry’s plan for 2024-25 that focused on enhancing productivity, expanding the tax base and increasing exports.
Under the leadership of Prime Minister Shehbaz Sharif we are moving in a right direction and determined to enhance exports and increase productivity, said the Industries & Production Minister.
The key production goals will target major crops like wheat, maize, sugarcane, and cotton, he added.
Mr Faisal Zahid Malik commended the government’s policy towards steady growth and production noted that the policy is yielding results.
Industrial production and food security are the key areas that determine the development indicators of a country, he said paying compliments to the Minister for taking bold decisions. Rana Tanveer Hussain said the government was clear in its policies that the ministries and divisions which were not giving desired results would either be abolished or merged with other ministries.
The government is considering a proposal to establish a new steel mills in Karachi with the Russian cooperation and in this regard 700 acres of dysfunctional Pakistan Steel Mills (PSM) has been earmarked for establishing a new steel-producing facility, said the minister while referring to a meeting with his Russian counterpart, Deputy Minister of Industry & Trade Aleksei Gruzdev.
The proposed site is located in Karachi and is close to Port Qasim, which reduces the cost of transportation of raw materials, he said.
To a question, he said the utility stores were not being closed rather they were being restructured to benefit the public in a more effective manner.
We are restructuring the utility store to pass the benefits of subsidy on to the people in a transparent manner as there are complaints that the benefits of the subsidy are not reaching the right people fully, he said adding, efforts were underway to provide the subsidy to the deserving.
Rana Tanveer commended the role of Pakistan Observer in upholding the national interests and giving a positive message to the people.
He emphasized that political stability was inevitable for economic development, and noted that due to the right-sizing and austerity measures, Inflation has reduced while the tax system is being simplified to restore the confidence of taxpayers and the investors.
He said that prime minister’s priority was agriculture and development of this sector was only possible by adopting modern technology. During his visit to China, he mentioned, the PM signed an agreement with the Chinese government for the training of domestic agricultural experts and stakeholders, under which China will provide its expertise, and this initiative will help improve Pakistan’s agriculture.
