Archive for September, 2017

Call to protect flourishing poultry industry: PEW

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The Pakistan Economy Watch (PEW) on Sunday said vibrant poultry industry should not be burdened with additional taxes to that it can progress.
The Rs700 billion industry should be facilitated, taxes and duties on imports should be reduced and refunds should be paid to it which will result in the creation of jobs, increased revenue and foreign exchange earnings, it said.
These steps will bring prices of poultry products down which will help masses to overcome the deficiency of animal protein, reduce health and food security problems, said Dr. Murtaza Mughal, President PEW.
He said that unabated smuggling has already increased the price of beef while masses cannot afford to eat mutton leaving them with only option to consume poultry products as consumption of fish in Pakistan is two kg per capita that is lowest in the world.

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Steps demanded for rapid agricultural development: PEW

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The Pakistan Economy Watch (PEW) on Thursday demanded steps for rapid agricultural development as the majority of the population is linked to this sector.
Around eighty percent exports of the country are linked to agriculture while dozens of industries are also tied to this sector, it said.
The prosperity of the farming communities is linked to the development of agriculture sector which merits full attention, said Dr. Murtaza Mughal, President PEW.
He said that the agricultural production has not jumped despite packages announced by different governments because such incentives are designed to benefit the landed elite and not the poor farmer.

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Call to promote cottage industry, technical education: PEW

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The Pakistan Economy Watch (PEW) on Saturday asked the government to promote cottage industry and technical education for rapid national development.
Empowerment of women, promotion of cottage industry and attention on technical education to increase skilled manpower can reduce poverty and bailout country from the economic problems, it said.
Cottage industry, small businesses and women entrepreneurs should be given more attention to ensure rapid development, said Dr. Murtaza Mughal, President PEW.
He said that a cluster for cottage industry must be established on CPEC after every five hundred kilometers that include a technical training institute to boost the economy.
He said that over ninety-six percent businesses fall into the category of cottage industry and small businesses but this sector is neglected.

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Measures demanded to boost economy: PEW

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Govt asked to initiate negotiations with IMF
The Pakistan Economy Watch (PEW) on Tuesday asked the government to take note of worsening economic situation and take remedial steps without any delay.
The current economic situation has emerged as the greatest threat to the limping economy which needs immediate attention of the top government officials, it said.
The government should immediately start negotiations to enter into a fresh IMF programme otherwise total economic collapse cannot be avoided, said Dr. Murtaza Mughal, President PEW.
He said that exports are falling, imports continue to grow despite efforts, internal and external investments have dried up, capital is flying out of the country and economy is nose-diving which has raised concerns.
Dr. Murtaza Mughal said that negotiations with lending agencies should not be delayed as our economic situation will become weaker by the passage of time which will compromise bargaining power of Pakistan.

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PM asked to implement last year’s export package: PEW

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Export of raw material damaging economy, pleasing nobility
The Pakistan Economy Watch (PEW) on Saturday asked the Prime Minister Shahid Khaqan Abbasi to implement the Rs180 billion export package announced last year by the former PM Nawaz Sharif.
It asked the government to support the textile sector which is the largest foreign exchange earner and second largest employment provider after agriculture.
The export sector, especially the textile sector is the backbone of the economy which deserves the full attention of the government as it is going down since three years, said Dr. Murtaza Mughal, President PEW.
The textile sector including the sub-sector of value-added textile is providing employment to millions, it has the largest share in exports but it is neglected, he added.
Dr. Murtaza Mughal said that energy crisis, non-payment of refund claims, increasing input and energy costs and unbearable burden of taxes has increased the cost of doing business which has resulted in a significant fall in exports.

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Govt should arrest fall in workers remittances: PEW

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The Pakistan Economy Watch (PEW) on Thursday said the government should take steps to contain further contraction in the critical sector of workers remittances which is as important as exports.
Remittances have fallen by four percent in the last year, therefore, steps are needed to arrest the trend in the national interest, it said.
Concerned ministry, departments and law enforcing agencies should not discourage people involved in sending labour abroad as they are playing important role in keeping forex reserves stable, said Dr. Murtaza Mughal, President PEW.
He said that Private sector has to invest around fifteen billion dollars as input costs to realise exports of twenty billion dollars but expats spend their own money to go abroad send money without any involvement of the government.

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Former PM, his team damaged economy beyond repair: PEW

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Record loans of $35 billion were taken in a few years
Profitable entities were gifted to friends at dirt cheap price

The Pakistan Economy Watch (PEW) on Monday said former Prime Minister Nawaz Sharif and his economic managers damaged the national economy beyond repair.
They raised attractive slogans of rapid national development, but left the country under the severe debt burden while their own assets multiplied with an amazing speed, it said.
Now the economy can survive only with the help of IMF otherwise the country will face default in the ongoing fiscal, said Senior Vice President of PEW Kashif Iqbal.
He said that Nawaz administration took loans worth 35 billion dollars, which haven’t helped the economy or masses, but helped the finance minister to multiply his fortunes while many other politicians also plundered the national resources.

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Exports should be enhanced to make economy stable: PEW

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All the trade deals should be aligned to national interests
The Pakistan Economy Watch (PEW) only way to end dependence over IMF and pave way for national development is to improve the external sector.
Pakistan can never be a prosperous country unless its exports and more than the imports for which concrete steps are needed, it said.
The government should facilitate export sector while review all the free trade and preferential trade agreements, said Dr. Murtaza Mughal, President PEW.
He said that FTA with China is the single most damaging deal finalized by the government as interests of the country were compromised to benefit the business community of the friendly country.

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