Category: Shortcode

Govt Proposes NEV Policy 2025-30 to Boost Eco-Friendly Transport with Tax Breaks

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Eco-Friendly

ISLAMABAD: The government has initiated consultations on the New Energy Vehicle (NEV) Policy 2025-30, designed to transform Pakistan’s transportation sector and reduce carbon emissions. The Ministry of Industries held a meeting on Monday with automakers to discuss the policy’s framework, which aims to promote local NEV production, decrease reliance on fossil fuels, and lower emissions. The proposed policy includes incentives such as tax breaks, reduced import duties on NEV components, and green financing options to encourage investments in sustainable technologies. However, some industry representatives expressed concerns that the high costs…

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President NBP, Rehmat Ali Hasnie, Highlights Path Forward for Pakistan’s Financial Sector

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Future-Summit

Mr. Rehmat Ali Hasnie, President of NBP, emphasized the crucial role of the financial sector in driving Pakistan’s economic growth in his recent session at The Future Summit. He highlighted that the financial sector must be viewed as more than just basic banking access, as it forms the foundation for economic resilience and empowerment. He mentioned that integrating everyone into the economic fabric can ensure equitable participation for prosperity. Despite initiatives like branchless banking improving account ownership rates, nearly half of Pakistan’s population remains unbanked. Mr. Hasnie noted the need…

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Solar Power Surge Cuts Demand and Revenue for DISCOs Amid Rising Electricity Costs

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Solar-Power

LAHORE: As rising electricity tariffs burden consumers, a growing shift to solar power has led to a 17% decrease in grid electricity demand, causing significant revenue losses for Pakistan’s power distribution companies (DISCOs). To counteract this trend, the government introduced the Bijli Sahulat Package on Friday, offering an 18-50% discount on additional electricity usage from December to February for residential, commercial, and industrial consumers. The discounts vary by category and consumption slab, aiming to incentivize greater power usage during winter months. Electricity rates in Pakistan have surged by over 50%…

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Petroleum Sector, Imported Vehicles Lead Customs Duty Collection in 2023-24

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Petroleum-Sector

ISLAMABAD: The petroleum sector and imported vehicles were the leading contributors to customs duty revenue in 2023-24, according to a report by the Federal Board of Revenue (FBR). Customs duty collection showed a strong recovery, growing by 18.5% to reach Rs 1,104.1 billion, up from Rs 931.7 billion in the previous fiscal year. This revenue contributed approximately 12% of total FBR collections. The petroleum, oil, and lubricants (POL) sector led with a 29.1% share of total customs duties, marking a 14.1% increase. Imported vehicles followed with an 11.0% share and…

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CCP Calls for DISCO Privatization or PPPs Amid Financial, Operational Woes

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power-subsidy

ISLAMABAD: The Competition Commission of Pakistan (CCP) has recommended that Pakistan’s power distribution companies (DISCOs) be privatized or transitioned to public-private partnerships (PPPs) to address critical inefficiencies. In its latest report, “State of Competition in the Key Markets in Pakistan: Power Sector,” the CCP highlights significant challenges facing DISCOs, including high distribution losses, revenue leakages, low bill recovery, electricity theft, and supply constraints. The report suggests that privatization or PPPs could mitigate these issues, as the amended NEPRA Act now removes the exclusivity clause, opening the regulatory framework for competitive…

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