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Continuity of policies must for sustained economic growth: Farrukh

FAISALABAD: Minister of State for Information and transmission Farrukh Habib said that continuity of policies are indispensable for sustained economic growth And business community must openly support Prime Minister Imran Khan for successfully driving the country out of the economic crisis too in the face of crown challenge.

Tackle the 2nd day function of Pakistan Economic Conference-2022 (PEC-2022), organized by the Faisalabad Chamber of Trade and Industry (FCCI) here on On Saturday, he said Pakistan hit 5 percent. growth rate just because of prudent and practicable policies of the government. However, sustainability of the growth it was important and in this connection, private sector had to play his rolelui added.

he defined private sector the growth engine and that said role of the government it was to facilitate and provide a license environment And in this connection he had developed a close functional and productive link with the business community during last three and one-half years.

He said the current the account deficit was approximately $ 20 billion when the government come to power. The situation was more critical how he had to pay back rate loan of Rs 3,000 billion. Likewise was the collection of taxes also stagnant at Rs3.8 trillion, he added.

He said the location of PTI government era business-friendly and had established a connection with exporters before arriving power. “We are proud that the first textile policy formulated by business community was adopted by the PTI government. We tried ours best correct the imbalances and disparities between the industrial sector of different provinces, ”he said added.

“We also secured gas supply to the export sector at 6.5 cents per MMBTU it played key role in improve exports and In-Sha-Allah during this yearil government he was expecting $ 21 billion in gains from textile exports. “

He said different steps they were taken to offset the negative impact of COVID-19 and proactive monetary policy had been announced to give boost to the industrial sector.

“The State Bank of Pakistan announced special to pay package while Rs 450 billion was disbursed under the TERF (Temporary Economic Refinance Facility) “, said and added that according to the regime the industrialists imported new machinery e technologies at discounted rates.

He said it was the second consecutive year than ours current the account deficit remained below 500 million dollars. “Likewise, the imports were also registered 18 percent decrease”Said e added that the government it did not borrow from the State Bank of Pakistan while this amount it was now being supplied to the private sector within TERF and SMEs policy a subsidized rate.

Continuing, he said the ministers were not available during the mandate of last government but now they were available to a phone call to resolve problems of business community.
He said the government he was completely focused on lifting of youth. “We are trying to produce entrepreneurs instead of in looking for a job ”, he added.

“As a result of our policies, we expect to do so earn 38 billion dollars from exports of services and goods ”, said and mentioned a special stimulus package for the industrial sector. Under this agreement, Rs. 50 billion is provided to subsidize electricity for the export sector, he added.

He said Pakistan was included among the three countries Which had successfully to come out from the negative impact of crown and NCOC had declared Pakistan a country without a crown like us successfully vaccinated all of ours population.

“First we export 120 to 150 items in China under the Free Trade Agreement (FTA), but now during second phase of this deal the number of these items it was raised to 350 ”, he added.

He said: “It’s the second year that we have collected exceptional harvests. Since we have produced 2 million tons of sugar in more, so it is price has decrease at Rs.70 per kg “.

He said it in construction package loans of Rs 192 billion was disbursed out on December 20, 2020 which had registered an increase of Rs. 170 billion. Under amnesty scheme, projects worth 600 billion rupees were recorded which would generate economic activities of Rs. 7000 billion in Dependence on creating 1.2 million jobs, him added.

He said the government he was building 10 dams to provide low-cost electricity in as well as improving water storage capacity of 1300 million acres of feet. Previously, Mr. Atif Munir Sheikh, president of the FCCI and the organizer of the PEC, Mr. Azhar Chaudhry welcomed the guests and appreciated the participants and speakers.


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