Minister for Petroleum Division Dr Musadik Masood Malik on Saturday stressed that controlling inflation and providing employment opportunities are the government’s top priorities. Addressing a press conference here, he said that on the prime minister’s directives, maximum relief is being ensured for the masses, resulting in a gradual decrease in inflation across the country. The premier has set targets for all ministers to serve the people, reduce their burden by controlling inflation, and create job opportunities, he said.
He explained that factors like floods, natural calamities, and conflicts such as the Russian-Ukrainian and Middle East crises have caused an increase in the commodity cycle. However, due to the efforts of the current government and the targets set by the prime minister, the Consumer Price Index (CPI) ratio has decreased from 37% to 17%. Similarly, food inflation has reduced from 40% to 11.5%, indicating a trend towards stability. The prices of petroleum products have also been slashed, providing around Rs25-26 per litre relief on petrol to the people in one month. He expressed hope that inflation would further decline in the coming days. Tractors’ purchases have registered a 50% increase, while urea production recorded a 17% jump in the last year, he added.
The minister stated that the government would present a balanced and relief-oriented budget with a 30% increase in tax collection. The country’s exports have also witnessed an increase, while imports have decreased, he said. More incentives will be given to small businesses and the IT sector in the budget.
Published in The Express Tribune, June 2nd, 2024.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ