Industrial zone spread over 1,500 acres to be established in Karachi: minister
ISLAMABAD: Federal Minister for Industries and Production Khusro Bakhtiar on Saturday said the government was incentivizing small and medium enterprises sector, especially automobile industry to increase job opportunities for the youth.
“An industrial zone is being established on 1,500 acres of land in Karachi,” Khusro Bakhtiar said while addressing a post-budget press conference in Islamabad. He was flanked by Finance Minister Shaukat Tarin, Special Assistant to PM on Poverty Alleviation and Social Protection Sania Nishtar and Adviser to PM for Commerce and Investment Abdul Razzak Dawood.
Addressing the media, Abdul Razzak Dawood said massive relief measures had been taken for import of raw material to strengthen local industry and encourage “Made in Pakistan.”
Shaukat Tarin said the government had increased subsidies especially in the power sector. He said the government would bring efficiency in the power sector. “DISCOs will be operated through independent boards and they will be privatized. Line losses will be reduced and recoveries will be enhanced,” je added.
The finance minister expressed the confidence in the revenue target of 4.7 set for the current fiscal year. “We have to enhance the tax to GDP ratio to twenty percent in a period of seven to eight years. Our focus is to bring more people into the tax net instead of imposing more taxes on the people already paying taxes,” he said.
He said the tax collection target of 5.8 trillion rupees has been set for the next fiscal year which he said will be achieved through innovative approach including the use of latest technology.
Shaukat Tarin said the PSDP had been enhanced significantly to take the country towards sustainable growth.
Answering another question, the finance minister hoped that inflation will remain below eight percent in the coming years. He also ruled out chances of bringing any mini-budget.
Sania Nishtar said 260 billion rupees had been earmarked in the next budget for Ehsaas Programme.
She said six-month instalment of 12,000 rupees was being enhanced to 13,000 rupees under Ehsaas Kafalat Programme. She said Ehsaas Emergency Cash Programme next phase will commence from the upcoming week, which will benefit over ten million people.