Federal Finance Minister Shaukat Tareen has said that car manufacturers are lagging behind and will soon come up with a new auto policy in which the grievances of these companies will be rectified.
Speaking on program, Finance Minister Shaukat Tareen said that according to the new policy, companies would have to pay a fine if they did not deliver on time.
Shaukat Tareen said that they are looking at all luxury items including vehicles to see how their imports can be reduced to reduce the trade deficit.
He said that most of the car manufacturers here only assemble vehicles and only 3 companies have a monopoly, so now we are bringing 7 companies in the market to create competition among the companies.
Finance Minister Shaukat Tareen said that at present the world production is low due to Karuna, which has led to a wave of global inflation.
He said that the rate of inflation in Pakistan is lower than the rest of the world, some countries have more than 50% inflation but Pakistan has only 15% more than them.
The Finance Minister said that the burden of inflation fell on Pakistanis because the income of the people did not increase and the IMF program has played a major role in this. If the income of the people had increased then the current inflation would not be such a big problem. Was
He said that at present the inflation rate in the country is 10% which was 18% last year.
Finance Minister Shaukat Tareen said that we have started work on various initiatives to facilitate the people.
He said that wheat has been released at a lower price than the market price which will reduce the price of flour while a program of cash subsidy is being started for the deserving people in terms of food items at a cost of Rs. 150 billion. ۔
Finance Minister Shaukat Tareen said that the profit of middlemen in agricultural production is very high, they are also working in this regard while budgets have also been allocated for warehousing and cold storage for the future.
He said that raising the price of electricity to control the deficit in the power sector would not solve the problem. We need to work on line losses.
Finance Minister Shaukat Tareen said that the government deficit would not end until all the loss-making institutions were privatized.
He said that the increase in imports has caused panic in the market, which has increased the value of the dollar, but this problem will be resolved soon.
Shaukat Tareen said that the exchange rate should be in line with the real effective exchange rate, at present the rupee is weaker than necessary.
He said that the real estate sector is also being brought under the tax system and accounts of 15 million unregistered people have also been created, which will be accessed through NADRA and FBR.
The Finance Minister said that we have a trade of Rs 18 trillion in retail but we have only three and a half trillion registered.
He said that the manufacturers are paying taxes but the tax collection goes down and we have to work in this regard.
The Finance Minister said that we have brought the sales tax to 17 to 10 percent to increase the tax net.
He said that the rise in prices of petroleum products increases inflation, so there is no immediate intention to bring prices up to global levels.
Shaukat Tareen said that Saudi Arabia will soon give good news to the nation about the oil facility, which will reduce our budget deficit by up to ارب 2 billion.
He said that it is in the interest of the country to keep the IMF in confidence regarding the country's economy. If the program is in accordance with our conditions, then it is in the interest of the country.
The finance minister said that if relations with the United States improve, the terms of the IMF program could be relaxed.
Shaukat Tareen said that the Afghan situation could be a good opportunity for us if we acted wisely.
"At the moment, Afghanistan does not have dollars, but they need the necessities of life. If we do business with them in rupees or any other currency, it is in the interest of both countries," he said.
The Finance Minister said that a stable Afghanistan was in the interest of China's BRI project which included a route from Gwadar to Central Asian countries.
He said that the government of Pakistan is trying to strengthen the Afghan government and for this purpose we have also consulted with the countries of the region.
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