PM Shehbaz vows more measures for industrial growth in upcoming budget

Prime Minister Shehbaz Sharif on Monday said additional measures would be introduced in the upcoming budget to promote industrial development and increase production, the PM Office stated.

PM Shehbaz said this in a meeting with a delegation of senior leaders from chambers of commerce and industry from across the country in Islamabad. The delegation presented recommendations to the premier regarding the upcoming federal budget and the country’s overall economic growth.

PM Shehbaz stated that sustained efforts had helped stabilise the economy and that the government would continue working to achieve faster economic growth.

The prime minister also directed the Federal Board of Revenue (FBR) to resolve all pending tax refund cases by June 15.

He reiterated that export-led economic growth remained the government’s mission and said collective efforts would ensure its realisation.

“Despite the recent increase in the policy rate, the Export Finance Scheme rate will remain unchanged at 4.5% until June 2027,” he said, adding that banks’ decision to facilitate exporters was commendable.

To facilitate the business community, the prime minister directed Pakistan Revenue Automation Limited (PRAL) to relocate its head office to Karachi. On the request of overseas Pakistanis and the business community, he also instructed authorities to establish a passport office in Gujrat.

The prime minister said reforms and incentives for the development of the SME sector were an integral part of the government’s economic agenda. He encouraged Pakistani investors to promote local production of electric vehicles through joint ventures.

The PM Office said members of the delegation praised the efforts of PM Shehbaz, Deputy Prime Minister and Foreign Minister Senator Muhammad Ishaq Dar, and Chief of Defence Forces Field Marshal Syed Asim Munir in promoting peace amid tensions in the Gulf region.

Representatives of the business community said they stood with the government in efforts to boost economic growth and create employment opportunities. The delegation welcomed the launch of a soft-loan scheme under the “Prime Minister Apna Ghar Programme” for low-income and middle-class families.

It also thanked the prime minister for reforms in the Export Development Fund Board, the successful privatisation of the Pakistan International Airline (PIA), the digitalisation of the FBR, and the introduction of e-invoicing.

Delegation members said the business community would fully cooperate with the government in bringing the grey economy into the formal economy through digitalisation and other reforms.

The consultative meeting was attended by senior representatives, including presidents of the FPCCI and the chambers of commerce of Karachi, Lahore, Rawalpindi, Islamabad, Sarhad, Quetta, Gujrat, Gujranwala, and Sialkot.

Federal ministers Rana Tanveer Hussain, Muhammad Aurangzeb, Attaullah Tarar, Ali Pervaiz Malik, and Awais Ahmed Khan Leghari, Minister of State for Finance Bilal Azhar Kayani, State Bank of Pakistan Governor Jameel Ahmad, the FBR chairman, and other senior government officials also attended the meeting.