AJK Govt takes decisive steps to boost region’s economy: Tanveer

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Azad Jammu and Kashmir (AJK) Prime Minister Sardar Tanveer Ilyas Khan has said that decisive steps were being taken to stabilize the economy of the region including encouragement of private sector to invest in small industries and other sectors.

He expressed these views while addressing a press conference today. “Besides getting the Bank of Azad Jammu and Kashmir scheduled, 49% of its shares will be given to the business community”, the PM said adding that the AJ&K Bank has earned a profit of 950 million rupees in addition to taxation and salaries during his government’s period. He said that Skill University would be established to make the youth skillful.” Institutions on the lines of SECP and NEPRA will be established within Azad Kashmir”, he said.

The PM further said that financial and administrative autonomy would be given to the Department of Electricity.”The power supply company is being reshaped on the pattern of DESCOs, which will save about 7 billion rupees”, he said. The Department of Electricity has been given the task of creating its own Desco-style institution, which will save 7 billion annually.

Similarly, the PM said that after improving the tax system, the number of taxpayers will be increased to 100,000. He said that the government was bringing investors into Azad Kashmir, who were willing to invest their capital in the state. He said that the number of tax filers increased from 5 thousand to 38 thousand during the last six months. While the number of filers working in the system has reached 58 thousand. He stated that financial and administrative autonomy would be given to the Department of Electricity.”The power supply company is being reshaped on the pattern of DESCOs, which will save about 7 billion rupees”, he said. The Department of Electricity has been given the task of creating its own Desco-style institution, which will save 7 billion annually.

Similarly, the PM said that after improving the tax system, the number of taxpayers will be increased to 100,000. He said that the government was bringing investors into Azad Kashmir, who were willing to invest their capital in the state. He said that the number of tax filers increased from 5 thousand to 38 thousand during the last six months. While the number of filers working in the system has reached 58 thousand. He said that the number of tax filers would be taken up to one hundred thousand. He further said that no economy in the world can flourish without development in the private sector and in the future government will bring the best model of public-private partnership within Azad Kashmir.