Mini-budget to decrease revenue by Rs7b, says Dawood

PM's adviser highlights the significance of developing the industrial sector

Prime Minister's Adviser on Commerce and Investment Abdul Razak Dawood admitted on Saturday that the government will have to face a shortfall of Rs7 billion in revenue due to the measures taken in the recent mini-budget, reported Express News.

Addressing a ceremony in Karachi on Saturday regarding steel production, Dawood expressed satisfaction at the increase in the annual production of steel. He said the country produces a million tons of steel annually and added that Pakistan required six million tons of steel per year.

“Pakistan spends $2 billion on the import of steel in a year, hence, development of the steel industry will help save $2 billion annually,” Dawood said.

Second mini-budget: Tax cuts, incentives to boost growth

According to Dawood, the mini-budget would be approved in the coming five to seven days. After the approval of the mini-budget, he said, the National Tariff Policy will be prepared which will be implemented for the next three to four years.

He further said that a policy is required for the industrial sector, a draft of which, he said, would soon be discussed with the chambers of commerce.