Steps taken by Federal Government to boost industrialization

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.