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Saturday, July 13, 2024

Pakistani PM announces reduction in power tariff for industries

Prime Minister Shehbaz Sharif announced a significant reduction in electricity tariffs for the industrial sector on Friday, cutting rates by Rs10.69 per unit. This move aims to boost exports and industrial production.

Due to the prime minister’s special efforts, the new electricity price per unit for the industrial and export sector is set at Rs34.99. According to a statement from the PM Office, the National Electric Power Regulatory Authority (NEPRA) recommended this reduction for industries.

The PM’s package is expected to provide over Rs200 billion in relief to industries, enhancing their competitiveness in the global market. The package aims to align the country’s manufacturing costs with international markets, reducing production costs for industrial and agricultural commodities. This is anticipated to lead to an increase in exports.

The tariff cut is also expected to accelerate industrial growth, create new job opportunities, and stimulate economic activity. It may be mentioned that NEPRA had proposed a reduction of Rs10.69 per unit in electricity prices for industries. Prime Minister Shehbaz’s special package is set to alleviate over Rs200 billion worth of burden from industries.

Sources indicate that this relief aims to make the cost of goods competitive in the global market. It is also expected to reduce the production costs of industrial and agricultural products, leading to a significant increase in exports.

Experts believe that the prime minister’s announcement will accelerate industrial development and rapidly increase employment. The faster pace of industrial activity and the rise in exports will benefit the national economy.

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