Real agenda is to revive economy: Hussain

Minister calls for improving raw material output, boosting exports

LAHORE:

Federal Minister for Industries and Production Rana Tanveer Hussain has underlined the need for boosting exports, saying that Prime Minister Shehbaz Sharif is already working on revitalising Pakistan's economy.

"We need to improve production of raw material, especially for dyes, chemicals and allied industries, to avoid imports as our import bill is much higher than exports," he remarked while talking to reporters after inaugurating the 9th Colour & Chem Expo at the Expo Centre, Lahore. Pakistan exports $30 billion worth of goods annually while its imports are more than double the export value.

Acknowledging that exports of India, Bangladesh and other developing countries were far higher than those of Pakistan's, the industries minister pointed out that the prime minister had set the target of doubling exports over a period of three years.

He stressed that real agenda of the government was revival of the economy, recalling that in 2017 Pakistan emerged as the 24th biggest economy, "but now the country stands around 40th spot". "The government is making efforts to join the club of 20 strongest economies in the next three years," he announced.

The minister frankly said that power tariff and the policy rate were not favourable for industries, but voiced hope that things would get better in the coming months. However, of late, inflation has come down to 16%.

Hussain revealed that the chemicals and dye industry had agreed to come up with proposals detailing how exports could be given a boost.

Responding to a question, he dismissed rumours that utility stores were being shut down and clarified that Utility Stores Corporation was being restructured so that only deserving people could get relief in prices of eatables and grocery items.

"The government is already giving subsidies to the deserving people through the Baitul Maal and Benazir Income Support Programme," he said but lamented that subsidy had always been misused. Replying to a query about 10% and 18% taxes on the tractor industry, the minister said that he had already taken up the issue with the finance minister and Federal Board of Revenue (FBR) after conducting several meetings with tractor manufacturers and hoped for a positive outcome in the next few days. "Farmers and agriculture are our priority."