Govt Set New Local Car Production Target Under Auto Policy
Federal Information and Broadcasting Minister Fawad Chaudhry said the government had set a production target of 0.5 million cars as part of the new automotive policy.
After the cabinet briefing, the minister told the media that the government had set a production target of 0.5 million of the current 240,000 car production figures as part of the new automobile policy. He also said that there has been growth in the auto sector as there are now 15 automakers in the country, while bank lending for auto finance has also increased from Rs 378 billion to Rs 240 billion.
The production of cars, motorcycles, and tractors in the country has increased significantly, while sales have also increased significantly in the past two years. He also said wealth accumulation is improving as not only textiles but also IT exports have increased by 38%.
The minister further said that crop production this year is very encouraging with cotton production of 8.5 million bales and the highest production of rice of 8.8 million tons and sugar cane of 88.1 million tons.
The minister admitted that spending had increased and that this increase was mainly due to the importation of vaccines and the payment of our PPIs.
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He said the payment was made because expensive imported fuel power plants were installed during the previous administration under the leadership of Nawaz Sharif and Shahbaz Sharif, which made electricity expensive in Pakistan.
The minister said the cabinet had notified the national food security management committee for approval of national food security with the prime minister as chair and some ministers and secretaries as members.
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