Vehicle prices decreasing in country: Khusro Bakhtiar

Production minister credits govt's relief to auto sector for the reduction in prices

Minister for Industries and Production Khusro Bakhtiar on Wednesday said prices of different vehicles were decreasing in Pakistan as a result of the tax relief announced by the government for the auto sector.

Addressing the press conference in Islamabad along with Information Minister Fawad Chaudhary, Bakhtiar said that that the notification regarding the reduction in the prices of vehicles would be issued in the next few days.

"The new auto policy will be furnished before the cabinet next month for approval. It will especially focus on localization and making the auto sector export-oriented," Bakhtiar said, adding that the ministry's focus would be to ensure the availability of quality vehicles to people at a fair price.

The production minister further pointed out that about 164,000 vehicles were manufactured in the country during 2020 and added that this capacity would be enhanced to 300,000 during the current year.

The minister further said that this would provide an additional 300,000 job opportunities to the people.

"About 2.6 million motorcycles were manufactured last year and this capacity will be enhanced to three million units this year. This will provide an additional 75,000 jobs," the minister added.

Bakhtiar maintained that special facilitation was also being extended to people who were purchasing a vehicle for the first time.

"It will be also ensured that customers get their vehicles in a timely manner. There will be a penalty if customers do not receive the vehicle's delivery in sixty days’ time," the minister said.

The manufacturing of electric and hybrid vehicles would also be encouraged, which would also accrue benefits for the economy, he added.

The information minister, in his statement, said that the current government had put the economy on the right track.

"The current account deficit has been brought to zero while the industries and the agriculture sectors have been revived," Minister Fawad added.