logo
Pakistan to introduce industrial policy focused on growth, exports: Haroon Akhtar

Pakistan to introduce industrial policy focused on growth, exports: Haroon Akhtar

Special Assistant to Prime Minister, Haroon Akhtar Khan on Wednesday said the government would soon introduce an industrial policy critical for challenges faced by the industrial sector.
According to a statement from the Ministry of Industries and Production, Haroon Akhtar said that in a meeting with the Revenue Mobilisation, Investment, and Trade Programme (REMIT), which was held to discuss key elements of Pakistan's upcoming industrial policy.
During the meeting, Haroon Akhtar Khan emphasised the importance of the industrial policy, stating, 'We are about to introduce an industrial policy that is critical for addressing the challenges faced by the industrial sector'.
'This industrial policy will empower industrialists and contribute to the growth of Pakistan's economy, enabling a more competitive industrial landscape,' he added.
He said the government was working towards formulating a comprehensive industrial policy.
'Our industrial policy will be export-oriented, with a focus on ensuring the global competitiveness of Pakistani industries,' Haroon Akhtar said.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Pakistan-India conflict: Trump calls Pakistan's leadership ‘very strong'
Pakistan-India conflict: Trump calls Pakistan's leadership ‘very strong'

Express Tribune

time3 hours ago

  • Express Tribune

Pakistan-India conflict: Trump calls Pakistan's leadership ‘very strong'

U.S. President Donald Trump gestures, as he departs for Pennsylvania, on the South Lawn of the White House in Washington, D.C., U.S., May 30, 2025. Photo:REUTER Listen to article US President Donald Trump praised Pakistan's leadership during a meeting with German Chancellor Friedrich Merz at the White House on Thursday, marking their first bilateral discussion since Merz's election on May 6. The meeting covered a range of topics, among which was Trump's acknowledgment of Pakistan's leadership during the recent spike in tensions between India and Pakistan. These tensions reached a boiling point after a deadly attack in the Indian-Illegally Occupied Jammu and Kashmir (IIOJK) on April 22, which killed 26 people. India swiftly blamed Pakistan, but without presenting evidence. Islamabad denied the Indian claims and called for an independent probe. India the took hostile actions including the suspension of the 65-year-old Indus Waters Treaty (IWT), halting trade, and closing border crossings, as it retaliated against the alleged attack. In response, Pakistan undertook reciprocal measures, including halting trade and closing its airspace to Indian aircraft. The situation quickly escalated as missile strikes and air raids rocked both nations, resulting in dozens of casualties. Trump took credit for preventing the situation from spiraling further, stating, 'Pakistan has very strong leadership. Some people won't like when I say that, but it is what it is.' His diplomatic efforts, which involved intense talks with both sides, were credited with diffusing the immediate crisis. 'I spoke to very talented people on both sides. I said, 'We're not going to deal with you on trade if you're going to go shooting each other and whipping out nuclear weapons,'' Trump recalled, referencing the dangerous escalation that had brought the nuclear-armed neighbours to the brink of a full-scale conflict. The situation worsened on May 7, India attacked several Pakistani cities and targeted areas in Azad Jammu and Kashmir (AJK), killing civilians and destroying infrastructure. In retaliation, Pakistan's military shot down Indian warplanes, including Rafale jets, which are considered key assets of the Indian Air Force. Pakistan also neutralised waves of Israeli-made drones launched by India. On May 10, India escalated further by targeting Pakistani airbases, prompting Pakistan to launch Operation Bunyanum Marsoos, striking Indian military installations. This continued escalation brought the region to a perilous juncture before Trump intervened. Following intense diplomatic efforts, Trump announced a ceasefire on May 10, which was later confirmed by both countries' foreign ministers. Despite the ceasefire, however, a war of narratives continued to unfold. Pakistan credited Trump, along with China and Gulf states, for playing a vital role in diffusing the situation, while Indian officials downplayed foreign involvement, asserting that the truce was the result of direct bilateral talks. Trump, however, has repeatedly reiterated his stance, taking pride in his role. "I got that war stopped. Now I hope we don't go back and find out that they started it, but I don't think they will," he said. He also praised the leadership on both sides, specifically highlighting the strength of Pakistan's leadership, despite some resistance to his comments. 'They stopped that war. I was very proud of that,' he added. The president also extended his praise to Indian leadership, noting, 'The leader of India, who's a great guy, was here a few weeks ago. We had some great talks. We're doing a trade deal.'

WB readjusts poverty line in Pakistan at 44.7%
WB readjusts poverty line in Pakistan at 44.7%

Express Tribune

time9 hours ago

  • Express Tribune

WB readjusts poverty line in Pakistan at 44.7%

Listen to article The World Bank has adjusted upward the income levels in an effort to measure global poverty, which has also pushed the percentage of Pakistanis living in poverty by to 44.7% — an outcome that may not still be fully reflecting the harsh ground realities due to the use of seven years old survey data. The Washington-based lender on Thursday released its new international poverty line to reflect changes in the prices of goods and services and their implications on the global population. The new poverty line for Pakistan, which is a lower middle-income country, is set at $4.20 per person per day, up from $3.65, said Christina Wieser, the senior poverty economist of the World Bank while briefing the media persons here. She said that due to the upward revision, for the lower middle income level, the poverty ratio has jumped from 39.8% of the old level to 44.7% on the threshold of $4.20 per day income. The World Bank has also updated the extreme poverty line from $2.15 to $3 per person per day. Because of the revision in the threshold, 16.5% of the Pakistani population lives in extreme poverty, up from 4.9% under the previous $2.15 threshold, said Christina. She said that one of the reasons for such a high jump was that the majority of the people were clustered around $2.15 to $3 per day income level, which resulted into a significant surge. About 82% of this increase in extreme poverty is due to the higher value of the new international poverty line reflecting increases in the national poverty lines of comparator countries, with the rest explained by price increases in Pakistan between 2017 and 2021, according to the World Bank. The World Bank has not used the latest population census data and instead relied on the United Nations population dataset. Christina also added that the underlying Household Income and Expenditure Survey (HIES) 2018/19 data has been used for both national and international estimates. While international poverty lines are essential for tracking global progress and comparisons, national lines remain more appropriate for informing country-specific policy decisions, said the senior economist. Anything that has affected since 2019 is not included in either Covid-19 or 2022 floods, as the baseline remains the same, said Christina while responding to a question. We are desperately looking forward to the new household integrated economic survey to update our baseline, she added. The local economists had estimated a sharp rise in poverty after the 2022 floods, which inundated one-fourth of the country and adversely impacted populations in three provinces. These updates to the international poverty lines ensure that poverty estimates remain accurate and comparable across countries. The methodology remains consistent with past updates, continuing a practice that began with the introduction of the dollar-a-day line in 1990, according to the World Bank economist. "The revisions help position Pakistan's poverty levels in a global context and underscore the importance of continued efforts to reduce vulnerability and improve resilience," said Najy Benhassine, the outgoing World Bank Country Director for Pakistan. For domestic policy and programme targeting, the national poverty line remains unchanged and continues to serve as the primary benchmark for assessing poverty within Pakistan, Christina said. The forthcoming World Bank Poverty, Equity, and Resilience Assessment for Pakistan will provide critical context for interpreting these updated poverty estimates, she added. The report would offer a detailed update on poverty, inequality, and non-monetary outcomes, will investigate key drivers of poverty, and outline a forward-looking agenda to enhance prosperity and resilience for all Pakistanis. According to the government's last official available numbers, which are based on the 2018-19 survey, 21.9% of the population was living below the national poverty line. However, because national poverty lines differ widely, the resulting poverty rates are not comparable internationally. The need for new international poverty lines arises from the evolving price levels and cost of basic needs across the world and within income groups, according to Christina Wieser. To maintain accurate global comparisons, the World Bank periodically updates these poverty lines. International poverty estimates are based on the headcount of people with consumption below the international poverty line, defined in purchasing power parities (PPPs). Pakistan is among the countries experiencing the largest changes in poverty when transitioning to the 2021 PPPs based on the Low-Income International Poverty Line, according to the World Bank. The World Bank said that the international poverty line should be used only for cross-country comparison and analysis; for evaluating poverty in a particular country (Pakistan), the national poverty line remains the appropriate standard. The revisions help position Pakistan's poverty levels in a global context and underscore the importance of continued efforts to reduce vulnerability and improve resilience, The new figures reflect updated international thresholds and improved data from other countries, not deterioration in living standards, according to Christina.

Countrywide expansion: Halan receives licence from State Bank of Pakistan
Countrywide expansion: Halan receives licence from State Bank of Pakistan

Business Recorder

time9 hours ago

  • Business Recorder

Countrywide expansion: Halan receives licence from State Bank of Pakistan

KARACHI: Halan Microfinance Bank ('the Bank'), a Pakistani microfinance bank owned by MNT-Halan, Egypt and the MENA region's first fintech unicorn, has received a national license from the State Bank of Pakistan, allowing it to expand outside Sindh to the rest of the country. The national license permits the Bank to launch and manage financial services, including branchless banking, cards, mobile banking, retailer-based transactions, and wallet services. These services will complement the Bank's current product suite, which includes microfinance, salary advances, pensions, current accounts, and savings accounts. Commenting on this development, Mounir Nakhla, Founder and Chief Executive Officer of MNT-Halan, said that securing a national license is a major step in our journey to serve more people and businesses across Pakistan. This milestone would not have been possible without the continued support of the State Bank of Pakistan, he said. Copyright Business Recorder, 2025

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store