Tuesday, April 23, 2024

Low Cost, Productive & Boosting Industrial Energy Packages announced by Prime Minister (PM)- Minister of Industries and Production

Providing energy to Pakistan’s industries at low rates is the latest comprehensive package announced by Prime Minister Imran Khan. Industrial Energy Package will allow small and medium enterprises (SMEs) to get the extra additional electricity at 50% lower rates from the first of this current month until 30th June 2021.

PM highlighted the benefits for industries through this package of energy discounts as if an industrial unit was buying electricity at the rate of Rs 16 per unit then; now, the same unit will be at 50pc discount on consuming additional electricity.

However, he also announced that the additional electricity would be provided for the next three years at a 25pc discount to all the industries, including the big and small units. Additionally, throughout the year, the electricity would be provided to the industry on an off-peak hours basis.

Prime Minister Imran Khan addressed the impact of the lockdown period on the industries and how the past governments introduced costly energy power agreements. He pointed out that this new Industrial energy package aims to reduce the cost of production of industrial products, and despite the current pandemic, it will gain a competitive edge by making it possible to compete internationally.

According to him, “It is unfortunate for the country that due to the costly power agreements signed by the previous governments, our industrial products lack in competing with other countries.

The combination of wise economic policies by the government and record sales in the construction sector of cement, cars, and the motorcycle was progressing at a fine rapid rate, highlighted by PM. However, the Industrial Energy Package is bound to positively impact exports because the country’s growth depends on it.

Hammad Azhar- Federal Minister of Industries and Production, interacted through Twitter to laud the new energy package. He emphasizes this package’s potential for driving growth, promoting an “economic revival,” and increasing employment in the country.

The details of the Industrial Energy Package were also discussed, like from electricity tariff of all the industries, the elimination of peak hours. Till June 2021, a 50% discount on the consumption of any additional units for B1, B2, and B3 connections. And for three years the discount of 25% on additional consumption for all industrial connections are the major benefits.

Bilal Jamil
Bilal Jamilhttps://startuppakistan.com.pk
Founder & CEO at Startup Pakistan

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