TOBA TEK SINGH: In order to guarantee long-term stability, Finance Minister Muhammad Aurangzeb urged stakeholders to agree on important economic problems and stated that the country’s economy has been set on the correct track, with inflation now at 5%.
The minister told reporters Sunday at his home in Judgewala Chak, Kamalia, that rice exports had risen and that remittances, which were $30.2 billion in the previous fiscal year, were expected to surpass $35 billion in the current one.
He emphasized the value of independence and advocated a shift away from reliance on outside assistance.
While acknowledging political differences, Mr. Aurangzeb urged for a “charter of economy” and emphasized that everyone should work together for the greater sake of the nation.
He said that “we have advanced through our own efforts, not by relying on anyone,” and that the administration planned to significantly boost the country’s economy over the course of the following year. Additionally, he thought that a decrease in interest rates would stimulate economic growth.
“There isn’t a magic wand that can quickly fix everything. “We must strive for long-term economic stability,” he stated.
Mr. Aurangzeb emphasized how important it is for legislators to interact with stakeholders and the general people directly. “We won’t just sit around in Islamabad.” In order to get feedback from traders and citizens, we are traveling to cities,” he stated.
The minister reaffirmed that Pakistan’s economy could not be sustained by charity. According to him, charity can help fund healthcare and educational facilities, but it cannot support an entire country.
He identified agriculture and IT as the twin sectors that propel Pakistan’s sustained economic growth and emphasized the need to revitalize important industries like poultry, IT, and agriculture.
The minister suggested using the private sector to oversee underperforming institutions and suggested privatizing state-owned businesses that were losing money.
He stated that organizations that keep losing money ought to be closed or turned over to the private sector.
FBR reforms
The finance minister promised that there will be no further pressure placed on paid individuals and reassured taxpayers of reforms in the Federal Board of Revenue.
He stated that in order to raise the nation’s tax-to-GDP ratio from 9–10% to 13.5%, the government is planning to streamline the tax system, digitize procedures, and reduce the amount of human involvement.
Mr. Aurangzeb added that research institutes had not produced the expected agricultural outcomes, and he attributed this inefficiency to the fact that they only allocated 20% of their funding for research, with the remaining 80% going to wages.
He also cited the rise in fertilizer and cement use, along with a 58 percent increase in car sales, as proof of the government’s wise policies.
Regarding energy, he declared his intention to lower prices even further and enhance the efficiency of power distribution firms.
In order to increase output, he also promised farmers access to agricultural loans.
In order to spur growth and lessen the financial strain on the government, Mr. Aurangzeb reaffirmed the necessity of privatization in key industries.
In order to protect strategic reserves, he suggested closing the Pakistan Agricultural Storage and Services Corporation and substituting a private-sector system.
The minister also emphasized Kamalia Khaddar as a worldwide brand and Sialkot as an example of self-sufficiency, calling on stakeholders to take inspiration from these developments in order to propel economic advancement.
Former Punjab advocate general Mustafa Ramday and Chaudhry Asadur Rehman Ramday, Mr. Aurangzeb’s uncle and former federal minister, were also in attendance.
