The Economic Co-ordination Committee (ECC) has approved the Auto Industry Development and Export Policy.
A meeting of the Economic Co-ordination Committee of the Cabinet chaired by Minister for Economic Affairs Omar Ayub Khan was held on Thursday in which it approved the Auto-Industry Development and Export Policy 2021-26 and directed to review the export targets set in the policy every year.
The meeting also approved a summary of further reduction in electricity subsidy in the second phase of the Ministry of Energy, elimination of the benefit of one slab in the second phase and improvement of the subsidy by harmonizing different discus tariffs, reduction of subsidy. The price of electricity will increase by 95 paisa per unit.
The ECC approved raising the limit of Ways and Mains for the Khyber Pakhtunkhwa government from Rs. 27 billion to Rs.
The Economic Co-ordination Committee of the Cabinet approved the payment of dues of Rs. 5.84 billion to Nishat Chunian Power Plant.
It may be recalled that the ECC had in February this year approved immediate payment of 40 per cent dues of 12 power plants under the Power Policy of 2002.
Following the NAB’s decision to conduct an inquiry with the approval of the ECC, the NAB had directed to recover an additional profit of Rs8.36 billion from Nishat Chunian after the investigation.
The meeting also approved the supply of fertilizer industry by the Ministry of Industry to the industry on priority basis, which would ensure availability of fertilizer for Rabi season. The committee members gave conditional approval to the ECC Textile and Apparels Policy 2020-25 while the approval of the policy was subject to the guidelines of FBR and Finance Division and recommendations of Power Division.
In addition, the ECC approved a technical supplementary grant of Rs 2.65 billion for the Ministry of Housing and a technical supplementary grant of 40% for IPPs for the Ministry of Energy.
The ECC approved a technical supplementary grant of Rs. 2 billion to the Ministry of Information for the media campaign, while the participants’ committee postponed the ECC’s decision to fix a minimum price for the tobacco crop.