Lawmakers on Friday expressed serious concerns over rising dollar value against Pakistani rupee and said it will further affect the local industrial production which is already going through difficult times.
A meeting of the National Assembly standing committee on industry and production was held at Parliament House with MNA Sajid Hussain Turi in the chair. The committee members were of the view that the growing value of dollar is not in the best interest of the country as it will increase the country’s import bill. They urged the government to take appropriate measures to stop constant increase in the value of dollar.
Discussing the export of textile industry, the committee members stated that the cost of production is a major factor in improvement of the sector. They also showed concerns on productivity of the cotton crop.
MNA Rana Ishaq Khan drew the attention of the committee towards problems being faced by the common people due to shortage of utility products at utility stores all over the country. The committee was of the view that the government has already injected a huge amount of Rs 2 billion as subsidy in order to provide relief to the low-income people.
The Utility Stores Corporation managing director informed the committee that the USC is providing essential household items on low rates. He said the USC has sold Rs 1 billion products during the last 10 days at its stores, which is a remarkable achievement. He said the USC management is closely monitoring the sale at its stores.
The Engineering Development Board (EDB) executive director briefed the committee about the background of the board. He said the engineering industry always remained mainstay of the world economies. During the last five years, the engineering exports accounted for 53% to 73 % for developed countries and 36% to 63% for newly industrialized countries while 5% to 6% of Pakistan’s overall exports, he said, adding that the engineering sector is producing value-added products and requires efficient design, more professionalism and intellect to substantially raise the living standards.
Advisor to prime minister on industries and production threw light on the importance of engineering industry in the economy. He said for the first time in the history of Pakistan, the tractor manufacturing industry in the country is exporting its products, adding that air conditioners will be exported very soon. He was of the opinion that the tax duty structure needs to be reviewed for the improvement of the local industries. He said the yellow cab and green tractor schemes discouraged the local manufacturing industries at that time.
The National Fertilizer Corporation (NFC) chief executive officer briefed the committee about the working of the organisation. He said the NFC was incorporated as a private limited company in August 1973. “Later on, a capacity of over 2 million metric tons fertilizer production was built in the country by establishing six fertilizer manufacturing companies. However, pursuant to the privatisation policy of the government, all the manufacturing plants of the NFC were privatised,” he informed the committee.
Ministry of industries and production secretary informed the committee that a proposal for establishing the fertilizer regulatory board is under consideration for regulating and controlling the prices and demand and supply of fertilizers in the country. The committee expressed its concerns over the increase of fertilizer prices in the market and recommended that strict action may be taken against the fertilizer companies which have increased prices in the market without any justification.
