ISLAMABAD: In a significant move to boost local production and exports, Prime Minister Shehbaz Sharif on Friday approved a substantial reduction of Rs10.69 per unit in electricity tariff for the industrial sector.

This decision brings the new electricity price for the industrial and export sectors down to Rs34.99 per unit. According to the Prime Minister’s Office (PMO), the National Electric Power Regulatory Authority (Nepra) had recommended this reduction.

“The PM’s package, which is expected to provide relief of over Rs200 billion to the industry, will help bring down the manufacturing cost of the goods, making them competitive in the global market,” an official press release said.

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The initiative would also help decrease the prices of agricultural commodities. “The step will likely spur industrial growth, create new job opportunities, and stimulate economic activity,” it said.

In a separate meeting, Prime Minis­ter Shehbaz instructed relevant authorities to consult with the globally reputed consultancy firms to realise investm­ent agreements with friendly countries.

During a meeting with a delegation of an international consultancy firm led by former State Bank governor Reza Baqir, the prime minister also directed consultations with reputed firms to reduce the volume of government infrastructure and enhance governance effectiveness.

Published in Dawn, June 15th, 2024