Federal Minister for Industries and Production Makhdoom Khusro Bukhtiar on Saturday said that the government has lowered Rs 42 billion tariff lines on different industrial raw material for enhancing the industrial grow.
“We are lowering around 42 tariff lines on the industrial raw material to down the cost of business for the industries and give Rs 42 billion duty relief to them, Minister for Industries and Production, Khusro Bukhtiar said this while addressing the post Budget 2021-22 press conference along with Minister for Finance Shoukat Tarin and Adviser Commerce and Investment Abdul Razak Dawood.
The minister said that as a whole, the country’s economy revolved around the industrial growth and Large, medium and Small scale manufacturing for the economic growth.
He said that Large Scale Manufacturing (LSM) growth is 9 percent this year,” We want to maintain this momentum.
We will achieve economic challenge of 6 percent economic growth in coming year 2021-22.” He said that the country is now facing structural challenges in different sector in both public and private sector investments and savings.
He said that the government is now working for this challenge and gradual change would be expected in coming year.
Khusro said that the government was focusing on increasing export and, for this, committed to provide cheap energy to the industrial sector.
He said that the government is also committed to subsidize the tariff for electricity and gas to enhance the country’s exports.
“We also waive off peak hours tariff for these industries to provide them energy on competitive rates for giving them sustainability for coming year till 2023.” he said.
He said that first of all “we are working on our existing capacity in different potential sectors.
Auto mobile sector is working on its half capacity and currently manufacturing 50,000 cars, which can enhance its capacity up to 150,000 cars.”
He said the government has decided to provide zero turnover tax to Special Economic Zones and also over all turnover tax reduced from 1.5 percent to 1.25 percent.
He said that 1500 acre of land was allocated in PSDP 2021-22 in near Karachi Port for Special Economic Zones (SEZs) to special focus on moderenization of Industrial sector and to build more infrastructural projects including bridges and roads.