Monday, July 15, 2024

Solar Prices in Pakistan to Drop as Govt Cuts Import Cost in Budget 2024-25

In the 2024-25 budget, Pakistan’s government has introduced a major reduction in import costs for items related to solar energy production. This initiative, presented by Finance Minister Muhammad Aurangzeb, is designed to encourage the use of renewable energy and lessen the country’s dependence on oil.

The new measures will lower the costs for importing production plants, machinery, and raw materials needed for manufacturing solar panels, inverters, and batteries. By doing so, the government hopes to make solar energy more accessible and affordable, while also conserving the country’s foreign exchange reserves.

This move is part of a broader strategy to promote sustainable energy sources and address the growing energy demands of the country.

By making it cheaper to produce solar energy equipment domestically, the government aims to stimulate local manufacturing and create new job opportunities in the renewable energy sector.

In addition to the focus on renewable energy, the budget also includes a proposal for an 18% standard tax on various categories of mobile phones.

This tax is intended to create a more balanced market and ensure fair competition among different mobile phone brands and models. The government believes that this measure will help create equal opportunities for all players in the market, promoting a healthier economic environment.

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