ECC approves Textile and Auto Industry policy

A meeting presided by Minister for Economic Affairs Division, Omar Ayub Khan has approved Textile and Apparel Policy, 2020-25 as well as Auto Industry Development and Export Policy (AIDEP), 2021-26. The Economic Coordination Committee (ECC) of the Cabinet has approved multiple policies in multiple domains. The ECC meeting was attended by Adviser to the PM on Finance and Revenue Shaukat Tarin, Minister for Industries and Production Khusro Bakhtyar, Minister for Energy Hammad Azhar, Minister for Railways Azam Khan Swati, Minister for Interior Sheikh Rashid Ahmed, Federal Minister for National Food Security and Research Syed Fakhar Imam, Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood, Minister of State for Information and Broadcasting Farrukh Habib, Governor State Bank of Pakistan (SBP), respective federal secretaries, and other senior government officers. The summary has been approved by Ministry of Commerce for Textile and Apparel Policy 2020-25 with directions to incorporate inputs of the FBR and the Finance Division. The ECC has also approved the summary submitted by the Ministry of Industries and Production. Regarding Power Division, another summary was submitted by the Ministry of Energy retargeting power sector subsidies phase-II, which has also been approved. This includes the removal of one slab benefit (incremental block tariff) and incorporation of revised subsidy and inter-distribution companies’ tariff rationalization/cross subsidies. On the recommendation of the technical advisory sub-committee, the ECC approved the summary tabled by the Ministry of Industries and Production on revised gas supply priority order to the fertilizer sector. A number of other summaries were submitted and approved by ECC by Ministry of Housing and Works, Ministry of National Food Security and Research and Ministry of Information and Broadcasting.