In Pakistan car sales rise by 58pc
Car sales in Pakistan saw a significant increase of 58.21 percent in July 2024 compared to the same month last year, according to data released by the Pakistan Automobile Manufacturing Association (PAMA). A total of 5,857 cars were sold in July, up from 3,702 units in the same period in 2023. The data reveals notable growth across several key models. Honda Civic and City sales surged to 790 units in July 2024, a substantial rise from 208 units sold in the same month last year. Toyota Corolla and Yaris also recorded a 3.65 percent increase, with 1,106 units sold compared to 1,067 in July 2023.
Significant misuse of the export facilitation scheme
A significant misuse of the Export Facilitation Scheme and alleged involvement in money laundering by scrap importers has been revealed, prompting the Brass Manufacturing Association (BMA) to propose the scheme’s cancellation. The Federal Board of Revenue (FBR) has approached the Secretary General of the Brass Manufacturing Association to investigate these allegations, which come as the FBR considers reducing the value of input goods equivalent to waste in the recycled copper sector.
| Components Of Industry Fy 2024 In Pakistan | |||
|---|---|---|---|
| Industrial Activities | Share in Industry | Share in GDP | Growth Rate (%) |
| 18.22 | 1.21 | ||
| 1. Mining and Quarrying | 9.13 | 1.66 | 4.85 |
| 2. Manufacturing | 65.25 | 11.89 | 2.42 |
| i) Large Scale | 45.24 | 8.24 | 0.07 |
| ii) Small Scale | 12.65 | 2.30 | 9.08 |
| iii) Slaughtering | 7.37 | 1.34 | 6.63 |
| 3 Electricity, Gas and Water supply | 12.61 | 2.30 | -10.55 |
| 4. Construction | 13.01 | 2.37 | 5.86 |
Government mulls IPPs closure to reduce energy tariffs
The federal government has initiated plans to reduce the current electricity tariffs through a series of proposals and measures, acknowledging the significant financial risks faced by the power sector. According to sources, the government is working on multiple strategies to rationalise electricity rates, which include reducing allocations in development budgets at both federal and provincial levels. Additionally, the government is considering shutting down domestic Independent Power Producers (IPPs) in both public and private sectors. However, the International Monetary Fund (IMF) has not yet endorsed the power rationalisation plan.
Over $1.2bn deals inked at Foodag
The second International Food and Agriculture Exhibition (FoodAg-2024) concluded on Sunday with over $1.2 billion in deals. The three-day event held at the Expo Centre attracted more than 800 buyers from 75 countries, with 330 exporters showcasing 500+ quality products. China had the largest delegation, with over 150 buyers present. The event facilitated 7,000 B2B meetings, resulting in the signing of over 36 MoUs, particularly in sectors such as rice, processed food, seafood, and various fruits and vegetables. Notably, $35 million in seafood contracts were signed between Pakistani and Chinese companies. Additionally, significant investment interests emerged from various international companies in dairy, potato seeds, and beverages.
Tax changes in budget fy2025 lead to pay cuts for public, private employees
The federal government’s tax adjustments in the Budget 2024-25 have resulted in a decrease in net salaries for numerous employees across both public and private sectors, despite nominal pay raises. According to government officials, the changes in tax rates for salaried individuals have led to a situation where, even with salary increases, higher tax deductions have caused a net decrease in take-home pay. It’s noteworthy that the Budget 2024-25 included both a salary increase for government employees and modifications to the tax rates for salaried individuals, along with a reduction in tax slabs. This has significantly impacted the salaried class.
Silver linings in worldwide jitters
Is the US headed for a recession? Or has it simply hit a rough spot? What could be the potential implications of a US recession for Pakistan? Recent US economic indicators are, according to analysts, pointing to a direction where the American economy could be in recession early next year as a worldwide selloff jolted equity markets in the wake of a weaker-than-expected jobs report.
Women engineers electrify Karachi orphanage with solar energy
The sky was sunny sometimes and cloudy the next, but the 26 women electrical engineers in Barbie pink t-shirts and canary yellow safety helmets along with big, bulky boots and thick rubber gloves wouldn’t let an overcast sky dampen their spirits. They cheerfully went about their work, installing the solar panels on the rooftop of the Husseini Dar-ul-Atfal orphanage in Liaquatabad Town on Saturday afternoon.