Prime Minister Shehbaz Sharif on Friday announced a massive reduction of Rs10.69 per unit in electricity tariff for the industrial sector aimed at boosting exports and industrial production.

The new electricity price per unit for the industrial and export sector has been fixed at Rs34.99.

According to a statement issued by the PM Office, the National Electric Power Regulatory Authority (NEPRA) had recommended a reduction of Rs10.69 per unit for industries.

The PM’s package is expected to provide relief of over Rs200 billion to industries, making them competitive in the global market.

Low demand at the heart of periodic adjustments

The package has been offered to bring the country’s manufacturing cost of the goods at par with the international markets.

Similarly, the production cost of industrial and agriculture commodities would also be decreased as a result of this historic PM package leading to increase in exports.

The move is also likely to accelerate industrial growth, create new job opportunities, and stimulate economic activity.