ISLAMABAD: As a part of Prime Minister’s Industrial Support Package announced in February 2016, the Ministry of Finance on Thursday approved a release of Rs 12.640 billion as subsidy on the power supply to the industrial sector.
It may be recalled that in 2016, the government had also provided industrial support subsidy amounting to Rs 5.6 billion.
Finance Minister Ishaq Dar said that the government’s support to Industrial sector aims to boost the manufacturing activity and help to enhance exports of value added products. It also aims to stimulate economic activity leading to greater job opportunities in the country, the minister added.
According to sources, the Ministry of Water and Power had earlier notified a support package for industrial consumers under which a reduction of Rs 3 per unit would be inclusive of any downward revision of fuel price adjustment notified in or after January 2016 and onwards.
Furthermore, the difference between the relevant payment due from industrial consumers and special relief package notified and adjusted with any downward revision of Fuel Prime Adjustment shall be paid to the DISCOs and K-Electric by the federal government.
The notification issued in February, 2016 said that “in order to further rationalise the payments that DISCOs and K-Electric are to receive from its industrial consumers, it is hereby notified that with effect from 1 January 2016, payment for the industrial consumers of all XWDISCOs and K-Electric be reduced by Rs 3/kWh, which reduction shall be inclusive of any downward revision of Fuel Price Adjustment notified in or after January 2016 and onwards.”
