Efforts afoot to mitigate global commodities price hike impact: official
ISLAMABAD: The government is making all-out efforts to mitigate the impact of increased prices of commodities in the international market, an official said.
Talking to newsmen outside the Parliament House along with Minister for Finance and Revenue Shaukat Tarin, Minister of State for Information and Broadcasting Farrukh Habib said that the provinces have the responsibility in controlling commodities’ prices.
In the provinces where Pakistan Tehreek-Insaf (PTI) is in power concrete steps were being taken to control prices and strict action was being taken against profiteers, he said, adding that in Punjab, 20kg bag of flour was available at Rs1,100, whereas in Sindh it was being sold at Rs1,400.
Such a big difference in the prices of edibles was proof of the inefficiency of the ruling Pakistan Peoples’ Party, he said, adding that the government was working on food security, as 10 new dams were being built by the present regime and over 13 million acres of land would be irrigated.
At present, only 50 million acres of land was being irrigated, which would be increased by the construction of new dams.
With the construction of new dams, 10,000MW would be added in the system, which would help reduce the power tariff, he said, adding that, for the first time, Pakistan has started producing olives, which were being produced in Potohar, Waziristan and Balochistan.
According to the FAO report, inflation-wise September 2021 was the costliest month in history.
Habib said that Opec has been asked to increase oil production to stabilise the prices of petroleum products.
Despite all odds, the government was making all-out efforts to minimise the impact of international inflation on the consumers.
Since January this year, the government has continuously reduced sales tax on petroleum products, he said, adding that the PTI government first reduced sales tax on petrol from 17 per cent to 11.5 per cent and now it has been reduced to 6.8 per cent.
If the government has not reduced taxes on petroleum products, their prices could have crossed Rs150-mark, he said, adding that the Federal Board of Revenue (FBR) has collected Rs186 billion revenue, more than the target of Rs121 billion for the first quarter.
This was proof that Pakistan’s economy was moving forward, he said, adding that when the PML-N came to power, it increased the sales tax on petroleum products to 17 per cent.
He said 30 microfinance institutions have been involved in providing loans to the youth under the Kamyab Jawan Programme.
The interest-free loans under the Kamyab Jawan Programme would be given in backward areas of Khyber-Pakhtunkhwa, Balochistan, Gilgit-Baltistan, Punjab and Sindh, he said, adding that 22 billion loans have been provided to 18,000 people under the Kamyab Jawan Programme.
He said a Rs260 billion budget has been allocated for the Ehsaas Programme, while 50,000 students would be given scholarships.
ABB to realise "robots make robots" in Shanghai
SHANGHAI: Swiss tech giant ABB will realise "robots make robots" in Shanghai,...
Cyprus, Egypt sign electricity interconnection agreement
NICOSIA -- Cyprus and Egypt signed a memorandum of understanding on Saturday...
KCCI flays hike in petroleum prices
KARACHI: Businessmen Group (BMG) chairman and former president of the Karachi Chamber...
Buyers flock to Lifestyle furniture expo
KARACHI: Over 10,000 buyers visited the 35th Lifestyle Furniture Exhibition on the...
Petrol bomb: Higher prices fuel double-digit inflation fears
KARACHI: The fuel is on fire, and not literally. With the latest...