May 27, 2021: Finance Minister Shaukat Tarin has reiterated his firm commitment to accelerated economic growth with the willing contribution from the business community.
He was addressing a meeting at the Finance Division to discuss the new tariff for the Industry and export-oriented sectors in the upcoming budget.
Different options for concessional tariffs were discussed in the meeting along with their implications on the subsidies, earnings, production and revenue generation.
It was a general consensus that there is a need to generate a database that could establish the nexus between tariffs and the progress of the export-oriented sectors.
It was also acknowledged in the meeting that the least cost units offered by the government have proved beneficial for the overall productive health of the economy especially export-oriented sectors.
The Chair after discussion with the relevant stakeholders decided that for the next budget subsidies will be allocated on the basis of actual consumption and a more targeted approach for disbursement will be adopted.
It was also decided in principle that the growth of Export Oriented sector will be the main objective of the government while offering any change or consistency in the rates so that the industry should use its full potential and play its rightful role in the development of the country.
