GDP surges, currency rate drops, good news pouring in: SM Tanveer
Business
Former minister expresses optimism about economic growth
LAHORE (Dunya News) - The head of United Business Group and former provincial minister, SM Tanveer stated that pieces of good news have started pouring in, citing the rising GDP, dropping currency rate, increasing foreign exchange reserves.
The leading businessman said that the stock exchange is consistently witnessing the upward trends, exports have increased from $27 billion to $33 billion, adding that all these positive indicators show that the SIFC and government are performing well.
The former minister said that five IPPs were receiving 60 billion rupees annually without generating electricity. The government has revoked their compacts. The cancellation of their contracts will result in reduction of Rs0.70 which he believes is not a significant saving.
Additionally, he said that more IPPs have been served notices, despite this, IPPs are receiving Rs1.1 trillion extra. He stressed that we should pay for only electricity which we consume. If more contracts are cancelled, electricity rates will be reduced by Rs10 per unit.
SM Tanveer said that electricity rates shouldn't be more than Rs26 per unit. The IPPs contracts should be reviewed as soon as possible as expensive electricity is leading to closure of industry.
Lastly, the former minister expressed optimism about the economic growth of Pakistan, saying that 2025 is the year of improvement of our economy. He highlighted that 27 billion dollars are stuck in banks due to high interest rates. If the interest rate is decreased, investment will increase.
