‘Long-term policies to steer sustainable growth’
In the absence of the five-year plan or growth strategy, the Ministry of Finance, Ministry of Planning and Development and SBP often give different sets of economic projections. PHOTO: FILE
The incentives announced by Prime Minister Imran Khan under the industrial package will provide impetus to economic growth and lead the country towards economic prosperity, said Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar.
Addressing a ceremony at the Governor House on Tuesday, he said that enhancing manufacturing base was vital to achieve sustainable goals.
According to him, the incumbent government was introducing long-term policies primarily aimed at sustainable economic growth in the country and to achieve the economic targets.
Bakhtiar said that the growth rate of Pakistan was rising due to the prudent policies of the current government.
He highlighted that several incentives had been announced by the government which would usher the nation towards an industrial revolution, besides increasing export volume.
“Tax collection reached to record Rs6 trillion from Rs3.8 trillion,” he said adding that the government was taking steps to reduce the tax burden on the public and widening the tax net.
Tax exemptions have been announced for various sectors including information technology, small and medium enterprises and others.
The federal minister stated that the government fixed export target of $30 billion and it was hopeful to surpass economic growth target as well.
He maintained that the Pakistan Tehreek-e-Insaf (PTI) government was least focused on elections related returns or benefits.
The minister cherished that the nation widely hailed prime minister’s address during which he announced measures to provide relief to the masses.
“The country is facing many financial challenges including the current account deficit, balance of payments gap, swelling imports and foreign loans, however, with concerted efforts and right policies, the country will pass through the tough period,” said Bakhtiar.
Terming overseas Pakistanis an asset, the minister said that the government was taking measures to facilitate them in every way.
He urged expatriates to invest in the country and reap benefit of the five-year tax holiday introduced to promote industrial activities as well as job creation.
The federal minister said that government’s measures have placed the country on the right track and its policies would ensure economic growth and stability.
Published in The Express Tribune, March 2nd, 2022.
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