Engineering Post Report
The Federal Government has taken various steps for boosting process of industrialization in the country ahead of massive attack of COVID-19 pandemic.
The federal government has announced a special package for the construction sector during FY 2020 while more are under way. This package included amnesty scheme, tax exemptions and Rs 30 billion subsidy for Naya Pakistan Housing Programme.
A stimulus package has also been introduced to support businesses and stimulate the national economy.
The federal government is also providing a series of subsidies and incentives to the industrial sector. These included subsidies to the industry for electricity and gas, export development package.
Public Sector Development Programme (PSDP) release process has also been simplified to fund various uplift projects including those of the Industries and Production Division.
Under China-Pakistan Economic Corridor (CPEC), project of Allama Iqbal Industrial Zone Faisalabad has since been inaugurated.
Likewise, Hyundai has also launched a joint venture with Nishat Group in Faisalabad. China and Pakistan under a joint venture have also launched a locally assembled 800cc passenger vehicle having annual production capacity of 15000 units.
These rapidly developing venture with many infrastructure projects especially under the CPEC will surely help to boost the automobile sector as well as push up the construction related allied industries.
Additionally, Economic Coordination Committee (ECC) has also approved Rs 50.7 billion package to provide indirect cash flow support to the Small and Medium Enterprises (SMEs) through pre-paid electricity bills for May-July FY 2020.
