Cabinet decides against imposing new duty on solar panels
Significant reduction in incentives abruptly may affect the market and the economy. Traders have imported 5GW of solar panels and associated equipment in the last six months alone. Photo: REUTERS
The federal cabinet decided on Tuesday that no new duty will be imposed on solar panels to ensure the common man’s access to renewable solar energy.
The cabinet decided that low-cost renewable solar energy would soon reach every citizen.
In addition, the federal cabinet meeting, chaired by Prime Minister Shehbaz Sharif, approved the export of sugar in a limited quantity after the Sugar Advisory Board confirmed that the country has ample reserves of the sweetener.
An official statement said that the prime minister, while approving the export of sugar, issued a clear instruction that no increase in the price of sugar would be allowed.
Apart from this, the prime minister directed the formation of a cabinet committee to monitor the price of sugar, stating that if there was any fear of an increase in the price of sugar, further exports would be stopped.
The cabinet was informed about the progress on the privatisation of state institutions, especially the privatisation of Pakistan International Airlines (PIA).
The cabinet was apprised that the process of privatisation of PIA is progressing rapidly, and different companies showing interest in the pre-bidding process are visiting various PIA sites.
The cabinet was told that the PIA bidding will be held in the first week of August. The prime minister directed the acceleration of the privatization process of PIA, emphasising the importance of transparency.
Additionally, the premier said that planning is underway to move the economy in a positive direction, telling his cabinet colleagues that the country is slowly and gradually moving towards economic stability.
PM Shehbaz also said that the government will increase domestic exports by developing small and medium-scale industries.