Latest news with #Rs18
Express Tribune
2 days ago
- Business
- Express Tribune
Govt allocates Rs600m to put man in space
Listen to article The upcoming budget is likely to see allocation of billions of rupees for Pakistan's strides in space exploration, including the country's pride project of sending its first man into space, and a Multi-Mission Communication Satellite System. The federal government has proposed the allocation of Rs24 billion to the Space and Upper Atmosphere Research Commission (Suparco) in the development budget for the next fiscal year 2025–26. The allocation includes Rs600 million for the manned space mission in the next fiscal year. According to officials, over Rs18 billion would be spent on the Multi-Mission Communication Satellite System; Rs400 million for a new Pakistan Lunar Exploration project; Rs1.8 billion for the Deep Space Astronomical project; and Rs1.7 billion for the Pakistan Optical Remote Sensing Satellite project. Read more: IMF rejects wealth tax, chicken duty Other allocations, according to the officials: more than Rs500 million would be allocated for the Special Investment Facilitation Council (SIFC); over Rs50 billion for the Cabinet Division; and Rs50 billion for schemes of members of parliament. The government plans to spend Rs134.2 million for infrastructure development in the federal capital, Rs100 million for the restoration and upgradation of the National Archives, and Rs650 million for the construction of the Hajj Complex in Lahore.
Express Tribune
3 days ago
- Business
- Express Tribune
Punjab gets first Child Protection Policy
The Punjab cabinet has approved the province's first-ever comprehensive Child Protection Policy. This policy developed by the Child Protection and Welfare Bureau with technical support from UNICEF Pakistan was described as a new benchmark for child welfare, marking a transformative step toward ending violence, abuse, exploitation and neglect against children in the communities. The policy, according to the CPWB chairperson, serves as a comprehensive roadmap for child protection mechanisms across Punjab. It is the culmination of efforts that began over two years ago with the submission of the draft to the home department. Case management activities under the policy framework have been underway for over a year. Chairing the cabinet meeting that took up 101 agenda items, Chief Minister Maryam Nawaz Sharif also announced a plan to reduce the power tariffs in order to provide maximum relief to the people. This is the second time that a province was fiddling with electricity tariffs that originally is a federal subject. Once implemented, Punjab will became the first province to voluntarily reduce electricity tariffs. The chief minister approved reduction in the tariffs of Punjab's power companies. On the direction of Chief Minister Maryam Nawaz, the tariffs may be reduced by 30 to 40 per cent. The provincial cabinet approved the reduction in tariffs of the Quaid-i-Azam and Punjab Thermal Power Private Limited. To address the grievances of the provinces estranged farmers, the chief minister said that a huge package is going to be given to the wheat growers. It was informed in the meeting that the payment of Rs5,000 per acre subsidy has been completed to 514,000 wheat farmers. The payment will be made after the verification process of another 500,000 farmers is completed. Al allocation of Rs63 billion was provided in the second phase through the Kisan Card and farmers have purchased fertilizer worth Rs18 billion. The cabinet approved the Chief Minister Wheat Programme 2025. Continuing with the tradition the provincial PML-N government of creating layers upon layers of companies and authorities, the cabinet approved the establishment of the Air Punjab Private Limited Company. The CM set a target of launching the Air Punjab within a year. She ordered immediate steps for closing vaping centres in the province. She also directed the authorities to ensure safety gear for labourers and assigned the labour department a target of implementing safety SOPs for workers within a month. The provincial cabinet approved ration cards for workers and miners registered with the labour department and provision of electric buses in nine divisions of Punjab. The CM issued directives to establish charging stations in all major cities as soon as possible. Eco-tourism project were approved for Changa Manga and Lal Sohanra parks.
Time of India
4 days ago
- Politics
- Time of India
Around 940 hectares of land to be acquired for Manmad-Indore tracks in Nashik and Dhule districts
Nashik: Around 940 hectares of land have to be acquired for the section of Manmad-Indore railway track that will originate from Manmad Junction in Nashik district and pass through Dhule before crossing into the neighbouring state of Madhya Pradesh. The process for the acquisition of land for the Rs18,000-crore project, sanctioned in 2016 during the tenure of then railway minister Suresh Prabhu by the cabinet under the stewardship of Prime Minister Narendra Modi, is in various stages. These stages include assessing the area required, finalising the land needed, and publishing the preliminary and final notifications. In Nashik district, the track will start from Manmad Junction (Nandgaon taluka) and pass through Chandwad and Malegaon talukas into Dhule district. "In all, 360 hectares of land are required. The work of joint measurement of the land in the 21 villages of the district will begin in the latter half of June," said a senior official. The route will pass through Dhule, Shindkeda, and then into Shirpur talukas before entering Madhya Pradesh, requiring more than 580 hectare of land will be required for the tracks, though assessment is yet to be carried out in some areas. "We have acquired 240 hectares of land from Borvihir to Nardana already, and the railways is now taking possession of the same. We have initiated the process of land acquisition for another 120 hectares of land – in all, about 10 villages," said sub divisional officer of Dhule, Rohan Kuwar. The track will pass through nine villages of Shindkheda taluka and 18 villages of Shirpur taluka, where collectively more than 220 hectares of land is likely to be required. "Here, the work of finalising the routes is being carried out, and it is likely to be completed in about two months. Once this is finalised, the exact quantum of land required will be decided," a senior official from the district administration said.
Time of India
27-05-2025
- Time of India
Resident dy collector, his assistant held by ACB in Chhatrapati Sambhajinagar
Chhatrapati Sambhajinagar: The Anti-Corruption Bureau (ACB) sleuths on Monday arrested resident deputy collector Vinod Khirolkar (51) and his revenue assistant Deepak Tribhuvan (40) — both stationed at the Chhatrapati Sambhajinagar district collectorate — for allegedly demanding and accepting a Rs5 lakh bribe. A subsequent search of Khirolkar's property uncovered over Rs67 lakh in unaccounted cash and valuables. According to ACB superintendent of police Sandip Atole, the complainant and their partner legally purchased 6 acres and 16 gunthas of Class 2 land in Teesgaon in 2023. The duo had previously paid the accused Rs23 lakh to obtain the necessary government challan for the land transaction. Later, the officers allegedly demanded an additional Rs18 lakh to issue the required challan for converting the land from Class 2 to Class 1. The ACB received the complaint on May 23 and verified the allegation on Monday, during which the accused reportedly reiterated their demand. A case under sections 7, 7A, and 12 of the Prevention of Corruption Act, 1988, has been registered at the City Chowk police station.
Express Tribune
26-05-2025
- Business
- Express Tribune
OPEC+ oil output rise may aid Pakistan
While the Omicron coronavirus variant is rapidly taking hold, demand-side concerns are easing amid rising evidence that it is less severe than previous variants.. PHOTO: REUTERS OPEC Plus' anticipated decision to raise oil production by 411,000 barrels per day starting in July could provide Pakistan with much-needed macroeconomic relief, carrying significant implications for the country's external account, inflation trajectory, and energy sector stability. Sources close to the group indicate that this larger-than-expected output hike may be part of a broader strategy to restore as much as 2.2 million barrels per day to the market by November 2025. According to Ismail Iqbal Securities, the move is widely seen as an attemptled particularly by Saudi Arabiato regain lost market share and pressure high-cost producers out of the market. The oil producers are expected to approve a hike more than three times the previously agreed 137,000 bpd at their upcoming meeting on June 1. If implemented, the decision is likely to exert downward pressure on already-struggling global crude oil prices. This would benefit oil-importing economies such as Pakistan, which continues to grapple with elevated energy costs and persistent trade and fiscal deficits. Pakistan imports around 21 million tonnes of crude and petroleum products annually. In the first ten months of FY25, its energy import bill surged to $12.7 billionnearly 26% of the total import bill. With Brent crude averaging around $74 per barrel so far this fiscal year, a drop in global prices following the OPEC+ hike could provide meaningful financial relief. Insight Securities estimates that if Brent oil falls to $65 per barrel, Pakistan could save up to $1.8 billion on crude imports, with an additional $500 million in savings on RLNG imports. Pakistan imported $2.9 billion worth of RLNG during the same period, and because its price is indexed to global crude benchmarks, any decline in oil prices translates directly into reduced RLNG costs. These savings would ease pressure on Pakistan's current account, improve foreign exchange reserves, and reduce the need for immediate external financing. Lower oil prices would also aid Pakistan's fiscal goals. The government recently increased the petroleum development levy (PDL) by Rs18/litre to finance tariff differential subsidies under the TDS scheme. With a PDL target of Rs100/litre and a projected 10% increase in fuel consumption, authorities could generate up to Rs2 trillion in FY26without raising retail prices if global oil prices fall. In the domestic energy sector, a reduction in RLNG prices could lower electricity generation costs and reduce circular debt. This would alleviate financial strain on power utilities and cut the burden of energy subsidies. Gas distributors such as SNGP and SSGC could also benefit from improved cost recovery and liquidity, enabling timely payments to companies like OGDC and PPL. Additionally, a decline below the $75/bbl base case assumed by OGRA could result in full cost recovery for gas utilities, enhancing their profitability. The anticipated price drop could boost investor sentiment, particularly in the power, chemicals, and textile sectors, supporting the KSE-100 index. However, risks remain from potential new taxes in the upcoming budget and political resistance to high petroleum levies.
