LAHORE: Federal Minister for Industries and Production, Rana Tanveer Hussain, announced on Saturday that utility stores across Pakistan are being restructured to better serve the public and ensure that subsidies reach the intended beneficiaries. The minister emphasized that this initiative is part of the government’s broader efforts to bring transparency and efficiency to the system. Speaking to the media after inaugurating the 9th Colour and Chem Exhibition at the Expo Centre, Rana Tanveer highlighted the importance of political stability for economic development. He noted that recent government measures have led to a reduction in inflation, and steps are being taken to simplify the tax system, thereby restoring the confidence of both taxpayers and investors.
Reflecting on the economic conditions under the previous Pakistan Muslim League-Nawaz (PML-N) government, Rana Tanveer remarked that inflation and the prices of essential commodities were well under control, and the economy was on the verge of a significant upturn. “We are restructuring the utility stores to pass on the benefits of subsidies to the people in a transparent manner,” he stated, adding that reforms are necessary because there have been complaints about the misuse of subsidies. “Some employees and officers were reportedly involved in diverting these subsidies, which is why we are taking steps to ensure that the benefits reach the deserving people.”
The minister assured that the government is committed to revitalizing the economy, and credited Prime Minister Muhammad Shehbaz Sharif’s leadership for the recent decline in inflation. “In the past two to three months, inflation has dropped from 38% to 16%. We are confident that the country will soon emerge from its current difficulties and return to prosperity.” He also stressed the government’s focus on simplifying the tax system to attract more investment, particularly in small and medium industries. “We are providing maximum resources to promote these industries, which will help boost exports after meeting domestic production needs,” he said.
Rana Tanveer further emphasized the prime minister’s focus on agriculture, stating that modern technology is essential for the sector’s development. He highlighted a recent agreement signed with the Chinese government during the prime minister’s visit to China, which aims to train domestic agricultural experts and stakeholders with Chinese expertise. “This initiative will significantly improve Pakistan’s agricultural output,” he added.
The minister expressed concern over Pakistan’s current trade imbalance, noting that while the country’s export volume stands at only $30 billion, its imports are considerably higher. He revealed that the prime minister has set an ambitious target for the Ministry of Commerce to increase exports to $60 billion over the next three years. “Our priority is to get the economy back on its feet. In 2017, under Nawaz Sharif’s leadership, Pakistan was the 24th largest economy in the world, but it has since slipped to the 40th position. We are also working on reducing high electricity rates,” he noted.
Rana Tanveer praised the organization of the Colour and Chem Exhibition, which attracted over 300 companies, including international participants from China, Malaysia, Turkey, and Iran. He took a tour of the exhibition stalls and commended the efforts of the event’s organizers, Event and Conference International, Rainbow Group, and the Punjab Dyes and Chemical Merchants Association. Industrialists Altaf A. Ghaffar, Muhammad Salahuddin, and Chairman of the China Dyestuffs Industry Association, Mr. Shi Xianping, were also present at the opening ceremony.
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