PM Imran Khan broadcasts Rs120bn package deal to cushion affect of inflation

Prime Minister Imran Khan addressing to the nation on November 3, 2021. — Youtube/HumNewsLive
Prime Minister Imran Khan addressing to the nation on November 3, 2021. — Youtube/HumNewsLive

ISLAMABAD: Prime Minister Imran Khan on Wednesday introduced a “historic welfare package” value Rs120 billion package deal, as the federal government goals to mitigate inflation and supply reduction to the lots.

The premier, addressing the nation, mentioned that contemplating that the lots are present process a troublesome time because of the inflation within the nation, the federal government is introducing a package deal for 20 million households, which is able to — in flip — profit 130 million Pakistanis.

“This [poverty alleviation] package, which is worth Rs120 billion, will be offered to Pakistanis by the federal and provincial governments,” he mentioned.

The premier introduced that below the package deal, residents will be capable to avail a 30% low cost for six months on three primary edible gadgets, together with ghee, wheat, and pulses, below focused subsidy.

The premier mentioned that below the package deal, interest-free loans of as much as Rs500,000 can be supplied to city-dwellers to begin companies, whereas an analogous quantity of mortgage may even be supplied to farmers.

The prime minister additional added that the federal government has requested the development sector to extend the salaries of employees, whereas a health-insurance programme can be launched in Punjab from December.

“Under the package, four million families will be able to build houses without interest,” the PM mentioned, including that Rs1,400 billion have been put aside for the Kamyab Pakistan Programme (KPP) 2021 with the intention to supply alternatives to the deserving and uplift 3.7 million households throughout the nation.

Policies made to keep away from financial collapse

The premier thanked China and Saudi Arabia for financially aiding Pakistan and mentioned that had the nation grow to be a defaulter of the International Monetary Fund (IMF), the rupee would have depreciated extra and inflation would have skyrocketed.

The prime minister additionally make clear the coronavirus scenario internationally and mentioned that, in contrast to different international locations, the Pakistani authorities made strategic selections associated to the imposition of a lockdown and saved factories from closing down and agricultural actions have been persevering with as common.

Increase in manufacturing

“[Due to the government’s policies], cotton production had increased by 81%, while record-breaking motorcycle and tractor sales were witnessed in the country.

“Urea was used 23% extra by the farmers, indicating that the circumstances have been getting higher. And when the farmers are glad, the manufacturing will increase, and in return, it advantages the nation,” he said.

In construction, there are Rs600 billion projects underway, as we had incentivised it, he said, adding that in the industrial sector, the large scale manufacturing had increased by 13% — more money and more jobs in the country.

“We had [allowed] building business to function; we tried to avoid wasting our exports as if they’d have stopped, then the greenback would have gone up in opposition to the rupee,” he said.

Due to the government’s policies, rice production had gone up by 13.6%, corn 8%, sugarcane 22%, and wheat 8%.

Talking about the increase in profits of several industrial sectors, he said engineering witnessed an increase of 350% in their profits, textile 163%, cars 131%, cement 113%, oil and gas 75%.

The premier said electricity consumption had increased by 13%, indicating that the industry was growing. The prime minister stated that the tax revenue was increasing, which showed that our economic indicators are on the right track.

In information and technology, the prime minister said the sector had witnessed a growth of 47%, while in the current year, it is expected to grow by 75%. “This is an efficient factor for our youth”.

“Our insurance policies prevented the economic system from collapsing,” he said.

‘Yes, we are facing inflation’

Speaking about the ongoing inflation in the country, he told the media outlets that while it is their right to criticise the government, they should opt for a balanced approach when reporting on inflation.

Citing the example of Turkey, Germany, China, and the United States, the premier said that after 2008, these countries had also faced historic inflation.

“What can we do if inflation is being pushed due to world elements?” the premier questioned as he cited the examples of oil and gas prices worldwide.

“Yes, we face inflation within the nation however you must also take a look at what the federal government is doing to alleviate the scenario,” he said, adding that due to factors which is not in the hands of the government, petrol prices will have to be increased further. 

Citing the Bloomberg inflation index, he said that the index shows a 50% increase in inflation across the world. “Turkey’s foreign money has depreciated by 35%, the US and Europe have been going through historically-high inflation since 2008. Similarly, China’s producer worth inflation has risen to a 26-year excessive.”

Earlier, Federal Information Minister Fawad Chaudhry had disclosed that PM Imran Khan would announce the “greatest reduction package deal of the nation’s historical past” in his address to the nation today.

Price of  petrol to increase

“If we don’t enhance the value of petrol, the deficit will enhance,” the PM said, adding that global oil prices have risen by 100%, while the price of petrol in India is Rs250 per litre.

“Oil and ghee costs have doubled worldwide, and since we import this stuff, what can we do concerning the costs?” he mentioned.