'Economy is finally on right track now'

The economy is "finally on the right track now" and its results are also surfacing with a positive note, said Federal Parliamentary Secretary for Pakistan Railways Farrukh Habib. He was addressing a reception dinner hosted in his honour by All Pakistan Bed Sheets and Upholstery Manufacturers Association (APBUMA). The function was also attended by Faiz Ullah Kamoka Chairman National Assembly Standing Committee on Finance, Revenue and Economic Affairs.

Farrukh Habib said that tattered economy was given to PTI government but this government has taken prudent measures in best national interest and it is for the first time that dollar has depreciated by Rs 10. Similarly, 10 percent increase in exports has been recorded while Stock Exchange has gained 11,000 points in a week.

He further told that current account has become surplus for the first time which indicates that economy is on the right track. He further said that as per ease of doing business index, Pakistan has been jacked up 28 points.

He criticised the previous governments and said that they had injected 7 billion dollars in local market to artificially control the appreciation of dollar. However, now market forces are deciding the currency rate which is a positive sign for the national economy. He assured that government is fully aware of the high inflation and hopefully it will start decreasing very soon.

Regarding high cost of energy mix, he said that government has allowed starting work on 350MW of wind energy projects which will help government to bring down the cost of electricity. He said that Prime Minister Imran Khan will visit Faisalabad next month to lay down the foundation of Special Economic Zone to be developed under CPEC project.

He termed it as a positive sign which will attract FDI for new and high tech industrial units. He said that PTI government is committed to make Pakistan economically strong and prosperous country but people must continue to lend their support to this government.

Regarding Faisalabad, he said that he is proud of this city which is contributing 6 to 7 billion dollars per annum out of total textile export of 14 billion dollars. He acknowledged the resilience of local industrialists who had started from a scratch and raised big industrial umpires which are not only earning precious foreign exchange for the country but also providing jobs to millions of workers.

He also narrated the efforts of the government to provide a business friendly environment in which particularly the SME sector could grow and flourish. Commenting on the contribution by SME sector, he acknowledged its overall contribution in the national economy and said that he will try his optimum best to involve them in policy making.

He said that the business community of Pakistan is lucky that the government is always ready to resolve their genuine issues. He urged upon the industrialists to improve the quality of their exportable surplus in addition to introducing innovative products which could be easily accepted in the international markets.

In this connection, they must utilized expertise of the National Textile University which is working on many projects of national importance.