ISLAMABAD, Mar 2 (APP): Federal Minister for Industries and Production, Makhdoom Khusro Bakhtiar Wednesday expressed the hope that the ‘Industrial Promotion Packages’ would generate jobs, broaden tax net and promote industrial development that would ultimately help overall economic growth on sustainable grounds.
Addressing a press conference along with State Minister for Information and Broadcasting, Farrukh Habib, the federal minister said that the package had three main targets including bringing undocumented money into the system through investing in productive sector.
Secondly, he added, the another objective of the package was to revive the shut industrial units through new investments and thirdly encourage overseas Pakistan to invest in Industrial sector of the country.
The minister lamented that the previous governments had failed to link such amnesty packages with the productive sector that was why these packages could not produce desired results in the past.
The minister said that last year Large Scale Manufacturing (LSM) grew by 12 percent, whereas the growth was recorded at 7.4 percent during the current year so far. He said that all sectors of LSM showed positive growth during the period.
On external side, the minister added, during the ongoing tenure of Pakistan Tehreek-i-Insaf government, the exports and remittances have increased from at US $42 billion to US$ 64 billion, showing an upward trend of US$22 billion.
He said that government had set US $36 billion export target this year.
He said, the government had already announced the Small and Medium Enterprises (SMEs), Mobile and Auto policy to promote sustainable economic growth.
Talking about the economy, the minister said that Gross Domestic Product (GDP) would definitely go further up as compared to the growth of last year.
The minister said that the incentives announced by the government would promote industrial growth and would boost overall economic activity in the country and put the economy on high growth trajectory.