ISLAMABAD: Prime Minister Shehbaz Sharif unveiled a substantial cut in electricity tariffs for the industrial sector on Friday, reducing rates by Rs10.69 per unit. This initiative is designed to enhance exports and stimulate industrial production.
Following the prime minister’s focused efforts, the new electricity rate for the industrial and export sectors is now set at Rs34.99 per unit. This adjustment comes in response to a recommendation from the National Electric Power Regulatory Authority (NEPRA), as detailed in a statement from the PM Office.
The prime minister’s relief package is anticipated to provide over Rs200 billion in financial relief to industries, significantly enhancing their competitiveness on a global scale. The package is strategically aimed at aligning Pakistan’s manufacturing costs with international standards, thereby reducing production costs for industrial and agricultural commodities. This reduction is expected to lead to a significant increase in exports.
The tariff cut is projected to accelerate industrial growth, create new job opportunities, and stimulate broader economic activity. NEPRA had specifically proposed a reduction of Rs10.69 per unit in electricity prices for industries, which has now been implemented through the prime minister’s initiative.
Prime Minister Shehbaz’s special package is designed to alleviate over Rs200 billion worth of financial burden from industries. This relief is intended to make the cost of goods produced in Pakistan more competitive in the global market. By lowering production costs, the initiative aims to significantly boost exports.
Experts believe that the prime minister’s announcement will not only accelerate industrial development but also rapidly increase employment. The faster pace of industrial activity and the rise in exports are expected to bring substantial benefits to the national economy.
