Minister eyes investment shift to manufacturing

Expects further rupee rise with improvement in economic indicators

LAHORE:

Punjab Finance Minister Mujtaba Shujaur Rehman has said that inspiring economic progress has been made by both the federal and Punjab governments over the past eight months with notable improvements in economic indicators.

He highlighted that the Punjab government had presented a budget of Rs5.5 trillion with no new taxes aimed at facilitating businesses.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Monday, the provincial minister mentioned that the stock market had set records, interest rate was stabilising and inflation, which had been around 30%, had come down into single digit.

He said that the value of US dollar had stabilised around Rs280 and was expected to drop further next year. In another positive sign, he saw a shift in investment from real estate to manufacturing.

Rehman stated that work on projects announced in the budget had already begun and by the end of next year, the first phase of Nawaz Sharif Hospital in Sargodha would commence operations in the cardiology section.

Similarly, the first phase of Nawaz Sharif Cancer Hospital in Lahore is set to be operational by 2025, which will provide free treatment for the underprivileged.

The provincial minister pointed out that there was a shortage of 80,000 teachers in Punjab, with efforts underway to fill the gap, adding that attention was also being paid to address the shortage of doctors.

He said that IT and educational projects had been inaugurated in Lahore and saw a $2 billion export potential in the IT sector of Punjab.

Under the Dastak programme, 60 public services will be available at the doorsteps of people while the installation of solar tube wells has been planned by the end of this year.

A shrimp farming project, having export potential, has also been launched along with a Green Tractor Scheme, which provides a subsidy of Rs1 million per tractor. Additionally, the Apni Chhat Apna Ghar programme offers interest-free loans of up to Rs1.5 million.

The provincial minister emphasised that the industry was not being pressurised on environmental issues but was being encouraged to comply with regulations. A budget of Rs300 billion has been allocated for the restoration of roads under the Prosperous Punjab initiative.