PM Imran vows to bring down inflation further
November 14, 2020 11:43 AM
Prime Minister Imran Khan on Saturday vowed to bring inflation under control, a key challenge faced by his PTI government ever since it came into power after 2018 general elections.
In a tweet, Prime Minister Imran Khan said “Our Sensitive Price Index shows a decline for 2nd consecutive week, in contrast to the situation in other parts of the subcontinent.”
Imran Khan further said “InshaAllah, we will bring inflation further under control.”
Earlier, the prime minister has said that Pakistan was moving towards economic recovery faster than any other country in the sub-continent.
“Masha’Allah (Pakistan) moving towards economic recovery faster than any country in the sub-continent & this despite having to deal with COVID-19 challenge,” the prime minister said on Twitter while sharing a media report showing the growth of large-scale manufacturing (LSM) sector by 4.8 percent in the first quarter of current fiscal.
According to the media report, the 4.8pc growth rate gave a ray of hope for the revival of economic activities as out of 15 major industries, nine saw a surge in production. It said the LSM sector recorded 7.7% year-on-year growth in September after it contracted more than 10% in the previous fiscal year.
The prime minister, while calling the LSM sector’s 7.7pc growth in September as “impressive”, hoped that the Industrial Energy Package announced by the government would help add capacity and raise production.
On November 3, the prime minister had announced a relief package for the industrial sector with 50 percent reduction in the rate of commercial electricity on additional usage by Small and Medium Enterprises.
Moreover, for the next three years, all industries on additional usage of electricity would be provided 25 percent relief considering their previous bills, besides ending the peak-hour system for commercial electricity users.