Islamabad, August 24, 2024: Federal Minister for Industries and Production Rana Tanveer Hussain said on Saturday that utility stores were being restructured to benefit the public in a more effective manner.
Talking to the media after inaugurating the 9th Colour and Chem Exhibition here at Expo Centre, he added that political stability is inevitable for economic development.
Inflation has reduced due to the positive measures of the government, while the tax system is being simplified to restore the confidence of taxpayers and the investors, he mentioned and cited that during the previous government of the PML-N, the inflation and prices of everything were well in control and the country’s economy was in a position of take-off.
He said that government is restructuring the utility store to pass the benefits of subsidy on to the people in a transparent manner, asserting, “we are improving this system as there were complaints that the benefits of the subsidy are not reaching the right people fully, some employees are involved in it and the names of some officers are also in it who were taking the subsidy, so it was necessary to bring reforms, we are trying to provide the subsidy to the deserving”.
Rana Tanveer said that the government was striving to get the country’s economy on its feet again, and because of the positive measures taken under the leadership of Prime Minister Muhammad Shehbaz Sharif, there has been a clear reduction in inflation in two to three months.
The rate of inflation has come down from 38 to 16 per cent, and the country will soon come out of the difficult situation and prosper again. The federal minister said that the tax system is being simplified to restore the confidence of investors.
Soon there will be investment in the country, maximum resources will be provided for the promotion of small and medium industries so that exports can be increased after meeting the domestic needs of production at the local level.
Rana Tanveer said that prime minister’s priority is agriculture and development of this sector is only possible by adopting modern technology.
During his recent visit to China, he mentioned, the PM signed an agreement with the Chinese government for the training of domestic agricultural experts and stakeholders, under which China will provide it’s expertise, and this initiative will help improve Pakistan’s agriculture.
Rana Tanveer said that at this time Pakistan is in dire need of increasing exports. This volume is only thirty billion dollars while imports are much more than that.
The PM has given a target to the Ministry of Commerce that exports should be taken to US$60 billion in next three years. “Our agenda right now is to get the economy back on its feet.
In 2017, when Nawaz Sharif was the Prime Minister, Pakistan was the 24th economy in the world but later it slide down to 40 position. Currently, electricity rates are high, we are trying to work on it,” he said.
Federal Minister appreciated the organization of the exhibition. Talking to the media, the convenor of the exhibition Abdul Rahim Chughtai said that more than 300 companies are participating in the exhibition.
Rana Tanveer Hussain also took a round of the stalls set up by the companies and representatives from in abroad including China, Malaysia, Turkey and Iran.
The exhibition is organized by Event and Conference International, Rainbow Group and Punjab Dyes and Chemical Merchants Association. Industrialists Altaf A. Ghaffar, Muhammad Salahuddin, Chairman China Dyestuffs Industry Association Mr. Shi Xianping were also present at the opening ceremony.
