Profit AGRICULTURE, IT TWIN ENGINES OF GROWTH: FINANCE MINISTER In partnership with
Rs 20.00 | Vol XV No 174 I 8 Pages I Islamabad Edition
Monday, 30 December, 2024 I 27 Jumada Al-Akhirah, 1446
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AURANGZEB EXPRESSES CONCERN THAT RESEARCH INSTITUTIONS FAIL TO PROMOTE CROP YIELDS AS 80% OF BUDGETS ARE USED FOR SALARIES, LEAVING ONLY 20% FOR RESEARCH PROFIT APP
EDERAL Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Sunday reaffirmed his government’s commitment to promoting export-led growth, identifying agriculture and Information Technology (IT) as the twin sectors to drive Pakistan’s sustainable economic growth. Speaking to farmers and stakeholders in Kamalia (Toba Tek Singh), Aurangzeb emphasized that agriculture and IT were crucial to Pakistan’s economic future, saying, “We are very clear, agriculture and IT have to lead this country as we move forward.” He said that the International Monetary Fund (IMF) program is focused on stabilization and made it clear that if agriculture and IT face difficulties it was because of us, so we should find solution and promote these sectors for sustainable economic development. Aurangzeb expressed concern that despite numerous research institutions working to develop the agriculture sector, they have could not produce desired results in promoting crop yields. He noted that a significant portion of finances (80%) go towards salaries, leaving only 20% for research work, which he said should have been otherwise. The minister stated that the government has successfully achieved macroeconomic stability, a crucial foundation for GDP growth. Building on this achievement, Pakistan’s economy is poised to transition towards sustainable growth from 2025 onwards. Notably, this claim of economic sta-
bility isn’t just a government assertion, but has also been corroborated by independent sources, lending credibility to the country’s economic progress, he added. Highlighted achievements he said, government was successful in ensuring macroeconomic stability, reducing inflation to a single digit, and decreasing interest rates. He also mentioned the increase in consumption of cement and fertilizer, as well as a 58% surge in auto-sales, as indicators of the government’s prudent policies. Aurangzeb reiterated the government’s commitment to bringing reforms in taxation, energy, and State-Owned Enterprises (SOEs) sectors. He emphasized the need to improve Pakistan’s tax-toGDP ratio, which currently stands at 910%, and aims to increase it to 13.5%. The minister also announced plans to simplify the taxation process, ensure digitization, and reduce human intervention. On energy, Aurangzeb expressed hope that energy tariffs would come down, and efforts are underway to
check leakages in DISCOS by bringing reforms with private sector engagement. He reiterated that the government’s role
‘Elite class to be brought into tax net’ FAISALABAD
STAFF REPORT
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said on Sunday that the elite class, enjoying luxurious lifestyle, would be brought into the tax net as more than 190,000 people had been evading tax net despite having more than one house and vehicles. He was talking to the media during a meeting with the local businesspeople, agriculture, dairy and poultry. He termed the taxes lifeline for any economy, saying we could not manage the country on borrowed money as the countries run on taxes and not on charity. He said that there were some dis-
JUI-F welcomes as President gives assent to madrasah registration bill
ISLAMABAD STAFF REPORT
President Asif Ali Zardari on Sunday signed the Societies Registration Act 2024 into law, bringing an amicable end to the issue pertaining to the registration of madrasahs (religious seminaries). According to the National Assembly spokesperson, President Zardari has signed the bill into law and a gazette notification in this re-
gard will be issued soon. The bill, now officially a law following the president’s signature, provides a structured framework for the registration of religious seminaries under the Societies Act. A notification signed by President Zardari on Sunday said: “The Prime Minister’s advice at para 6 of the summary is approved. The Societies Registration (Amendment) Ordinance, 2024, is signed and promulgated.”
A gazette shared by National Assembly Secretariat Tahir Hussain said that madrasahs founded before the act which have not been registered must do so within six months of the act’s commencement. The gazette added that the legislation received the assent of the President on December 27 to become an act of Parliament. Any madrasah established after the commencement of the Act must register itself within one year. According to the gazette, madrasahs must submit an annual report of their educational activities to the Registrar, as well as submit an audit report of its accounts carried out by an auditor. “No [madrasah] shall teach or publish any literature which teaches or promotes militancy or spreads sectarianism or religious hatred,” the gazette said. Every madrasah shall, subject to their resources, include basic contemporary subjects in their curriculum according to a phased programme, it went on to say.
down. Petrol prices have been reduced, so why aren’t things improving in Khyber Pakhtunkhwa?” he asked. Tarar emphasized that all macroeconomic indicators were improving under Prime Minister Shehbaz Sharif’s leadership. He accused the PTI-led KP government of nearly 11 years of cor-
ruption and misgovernance, particularly during the last 10 months. Tarar presented a white paper detailing alleged financial irregularities and corruption in KP, estimating losses at Rs. 152 billion. Providing a breakdown, he claimed there were fraudulent payments of Rs. 130 million, misclassified expenditures amounting to Rs. 84 billion, and suspicious disbursements worth Rs. 510 million. Tarar also criticized the PTI for taking credit for projects it had initially opposed. He pointed out that while the Lahore Metro Bus project was mocked as a “Jangla Bus,” a similar model was later implemented in Peshawar. The minister underscored the government’s commitment to stabilizing the economy and addressing the nation’s challenges, reaffirming its resolve to implement reforms for sustainable growth.
Focus on stability, economic growth as inflation down to 4pc from 32pc, Tarar claims LAHORE
STAFF REPORT
Federal Minister for Information and Broadcasting Attaullah Tarar said on Sunday that the country had been steered away from default, and the government’s current focus was on ensuring stability and economic growth. Addressing a press conference, Tarar highlighted that the country’s economy was stabilizing, with even Pakistan Tehreek-e-Insaf’s (PTI) founder acknowledging this progress. He claimed that inflation had dropped significantly, from 32% to 4%. Criticizing the Khyber Pakhtunkhwa (KP) government, he questioned its failure to establish price control committees and appoint price control magistrates at the tehsil and union council levels. “Compared to last year, the prices of essential items are coming
is to ensure regulations, while the private sector should lead the economy. The minister expressed intention to shut down Pakistan Agricultural Storage and Services Corporation (Passco) and create an alternative mechanism for maintaining strategic reserves, may be in private sector. He also questioned the effectiveness the Higher Education Commission The minister cited Sialkot as a role model for self-sufficiency and Kamalia Khaddar as a world brand, urging stakeholders to learn from these examples to drive the economy forward. Aurangzeb assured farmers and stakeholders of his full support in addressing their grievances, emphasizing the government’s commitment to serving the people of Pakistan. crepancies in the current taxation system. However, the government was already working to simplify it to tackle the tax-evasion issue. The tax system would also be made faceless and run without any human intervention for elimination of leakage and corruption up to the maximum extent, he added. He stressed the need for earning maximum foreign exchange by enhancing exports and termed it imperative to make Pakistan self-reliant and reduce dependency on imports and external financial aid. He said that the government was taking various steps to control double-digit interest rate with a vision to trim it down to single digit as it was imperative to flourish businesses.
Pressing issues will only be resolved when Imran, Army Chief sit together: Abbasi ISLAMABAD
STAFF REPORT
Former prime minister and head of Awam Pakistan Party (APP), Shahid Khaqan Abbasi on Sunday called for dialogue between Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan and the Army Chief to resolve the pressing challenges faced by the country, emphasising the country’s development hinges on respecting public opinion. “The country will progress only when the people’s voice is honoured,” Abbasi asserted while talking to the media in Kallar Syedan here on Sunday. He criticised the election process, saying the results displayed on Form 47 have turned elections into a mockery. Abbasi’s remarks come amid ongoing debates over political reconciliation and governance in Pakistan. A day earlier, Advisor to Prime Minister on Political and Public Affairs Rana Sanaullah suggested that if heads of the three major political parties — the PTI, PML-N and PPP — sit around the table for negotiations, 70-year-long crises being faced by the country would be resolved in a span of mere 70 days. “The multifarious crises that have surrounded the country for 70 years would stand resolved if negotiation committee comprising former premiers – Nawaz Sharif, Imran Khan and President Asif Ali Zardari sit together,” Rana Sanaullah emphasized while addressing a ceremony in Lahore on Saturday. The APP chief expressed concern over the country’s governance, stating, “A nation cannot be run in the manner Pakistan is being managed.” He also criticised the manipulation of the stock market, saying, “Artificially raising the stock index benefits no one, even if it soars to the skies.” Highlighting the influence of the military in Pakistan’s political landscape, Abbasi stated, “The Army Chief holds the real power. The challenges facing the country will only be resolved when Imran Khan and the Army Chief sit together to find solutions.” “Nawaz Sharif’s name should be there […] Imran Khan’s name should be there and Asif Ali Zardari’s name should be there,” Rana Sanaullah had said. “We, the politicians, should sit together. The problem is that before we sit down, it is very important that the mistakes that were made by the people who are sitting down are accepted.”