Relief of Rs300 billion to industrial sector lauded: PEW
The Pakistan Economy Watch (PEW) on Saturday lauded the decision to provide relief of over Rs300 billion to the industrial sector.
The government has waived liabilities and cancelled late payment surcharges pertaining to the Gas Infrastructure Development Cess (GIDC) through an Ordinance, it said.
Waiving half of the liabilities of fertiliser, textile, power generation, and CNG sectors will provide them with some space while it may help these sectors to cut prices, said Dr. Murtaza Mughal, President PEW.
He said that GIDC has been reduced to 75 percent which can result in the reduction in the price of fertilizer, electricity and CNG.
Dr. Murtaza Mughal said that the decision would have gone down well with the masses if they would have been provided with some relief.
He said that the government is confronted with a budget deficit of Rs3.445 billion while the deficit target has been missed by 82 percent which is the result of frequent changes in policies, political instability and lack of focus by authorities.
Inflation and deficit continue to increase while revenue is stagnant which indicate that increase regulatory duties, devaluation, two mini budgets, and other steps have not provided any results except for adding to the miseries of the masses.
Similarly, an extraordinary hike in the price of fuel, gas and electricity have remained counterproductive, he said.
The government should be focused on how to save people representing poor and lower-middle classes from the brunt of the economic crisis.
Click here to View Printed Statement
