Federal Minister for Information and Broadcasting, Fawad Chaudhry, has said that the government has set a 0.5 million car production target under the new auto policy.
The minister after the cabinet briefing informed the media that the government has set a 0.5 million production target from the current level of cars production of 240,000 under the new auto policy. He also said that there is a growth in the auto sector as there are now 15 car manufacturers in the country while banks loans for car financing also increased to Rs. 378 billion from Rs. 240 billion.
There was a considerable increase in car production, motorbikes and tractors in the country while the sale was also showing significant growth during the last two years. He also said that wealth creation is improving as not only the textile but IT exports have been increased by 38 percent.
The Minister further stated that the production of crops was very encouraging this year with cotton production of 8.5 million bales and highest ever rice production of 8.8 million tonnes and sugarcane 88.1 million tonnes.
The Minister admitted that there was an increase in expenditure and this increase was primarily because of the import of vaccines and payment to our IPPs.
He said that the payment was made because expensive plants of power generation were set up on imported fuel during the tenure of the previous government led by Nawaz Sharif and Shahbaz Sharif due to which electricity in Pakistan is expensive.
The minister said that the cabinet notified the national food security management committee for approval of national food security with the prime minister in the chair and some ministers and secretaries as its members.