AGL 5.95 Decreased By ▼ -0.13 (-2.14%)
ANL 9.26 Decreased By ▼ -0.14 (-1.49%)
AVN 80.82 Decreased By ▼ -0.64 (-0.79%)
BOP 5.20 Decreased By ▼ -0.07 (-1.33%)
CNERGY 4.86 Decreased By ▼ -0.04 (-0.82%)
EFERT 81.82 Increased By ▲ 0.27 (0.33%)
EPCL 53.94 Decreased By ▼ -0.06 (-0.11%)
FCCL 14.29 Decreased By ▼ -0.11 (-0.76%)
FFL 5.93 Decreased By ▼ -0.12 (-1.98%)
FLYNG 7.44 Decreased By ▼ -0.12 (-1.59%)
FNEL 4.95 Decreased By ▼ -0.05 (-1%)
GGGL 9.18 Decreased By ▼ -0.14 (-1.5%)
GGL 16.51 Decreased By ▼ -0.19 (-1.14%)
HUMNL 6.14 Increased By ▲ 0.45 (7.91%)
KEL 2.77 Decreased By ▼ -0.02 (-0.72%)
LOTCHEM 30.81 Increased By ▲ 0.26 (0.85%)
MLCF 27.45 Decreased By ▼ -0.34 (-1.22%)
OGDC 74.27 Increased By ▲ 0.27 (0.36%)
PAEL 15.98 Decreased By ▼ -0.21 (-1.3%)
PIBTL 5.21 Decreased By ▼ -0.02 (-0.38%)
PRL 17.01 Decreased By ▼ -0.28 (-1.62%)
SILK 1.10 Increased By ▲ 0.01 (0.92%)
TELE 10.00 Decreased By ▼ -0.04 (-0.4%)
TPL 7.65 Decreased By ▼ -0.05 (-0.65%)
TPLP 19.41 Decreased By ▼ -0.36 (-1.82%)
TREET 22.72 Decreased By ▼ -0.47 (-2.03%)
TRG 146.80 Decreased By ▼ -0.55 (-0.37%)
UNITY 17.09 Decreased By ▼ -0.10 (-0.58%)
WAVES 10.33 Decreased By ▼ -0.05 (-0.48%)
WTL 1.42 Decreased By ▼ -0.04 (-2.74%)
BR100 4,330 Increased By 3.4 (0.08%)
BR30 16,296 Increased By 46.9 (0.29%)
KSE100 42,904 Increased By 23.3 (0.05%)
KSE30 15,805 Decreased By -4.6 (-0.03%)
Follow us

LAHORE: Despite the challenge of increasing the input costs especially the raw material being hard to find due to post Covid growth globally, auto sector is reporting growth for the past few months.

Data of Pakistan Automotive Manufacturers Association (PAMA) showed that the PAMA members have sold 112,244 passenger cars as compared to 85,330 in the same period of last year, an increase of over 31.5 percent. The sales of two/three wheelers also picked up significantly from 1,181,685 units in July19-Mar20 to 1,438,194 units in July20-Mar21, an increase of 21.7 percent.

However, market sources said the industry is under pressure due to rising raw material prices which the manufacturers are finding hard to absorb, passing it on to the consumers.

"It is in fact a global phenomenon and each country is taking steps to reduce the stress on its economy. The mindset in Pakistan has unfortunately been to jack up taxes to create more revenues in periods of economic recession," said Ishtiaq Siddiqui, CEO SM Engineering, an auto sector vendor.

"It is surprising that the government has not taken any clue from its highly successful construction industry package that has revived 49 industries supplying materials for construction and generated more revenue than the concessions provided to the construction sector," he added.

Copyright Business Recorder, 2021

Comments

Comments are closed.

Auto sector showing growth despite Covid pandemic: PAMA

Turkish companies urged to make investments

Govt plans to deregulate POL products’ market by 2027

Rice import: PM thanks Azeri President for 5-year tax holiday

PM welcomes prospects of ECO’s outreach to CARs

Suspected consignments, delinquent staff: FBR endorses DGI&I Sost’s enforcement action

Tax reforms recommendations to FBR: Supertax has successful large businesses: PBC

Energy conservation: stern measures on the cards

Payments to Google: SBP rejects allegations

Amin urges Dar to ‘direct’ SBP to make payments

FBR widens probe into tax record leak of COAS, family