Petrol price would have been Rs 180 had govt withdrawn subsidy: Tarin
Adviser to the Prime Minister on Finance Shaukat Tarin on Friday said that the petrol price would have been Rs 180 had the government withdrawn subsidy.
Addressing a function in Karachi on Friday, he said that the petrol levy has been reduced by Rs 9 as the petrol is not being produced in the country but is being imported.
The adviser said that a subsidy of 450 billion has been given on petrol so far, adding that the price of petrol would have been Rs 180 billion per liter today if the government had not given subsidy.
Tarin went on to say that the inflation is all over the world and all possible help is being provided to the poor, adding that no one has started the ration support program till date while the country’s exports are expected to reach 40 billion this year.
“In 1968, we were the largest economy in South Asia and at that time, the growth rate was commendable, adding that after the Afghan war, our economy was badly affected,” he said.
He said: “Prime Minister Imran Khan made a good deal of the economic impact of the code, which is why the growth rate in the last financial year was 3.9 percent.
The adviser further said, “In order to provide jobs to the people, we have to make continuous growth, we have to grow from 5 to 6 percent, adding that the tax-to-GDP ratio of 9% is insufficient.”
He said comprehensive economic plan and political will was pivotal in order to regain country’s lost economic glory, adding that almost all economic indicators were showing positive growth.
Shaukat Tarin further said when the PTI government came into power there was large current account deficit and devalued rupee. The government entered into a tough IMF program with many conditions which initially led to slowing down the economy.
Then came the COVID-19 pandemic which also damaged our economy to some extent.
However, he said, Prime Minister Imran Khan’s visionary idea to impose smart lockdown which was recognized globally saved the country from further economic crisis.
Tarin said PM concurrently invested in agriculture, housing, industrial and exports sectors. All those areas which promoted employment in the country and resulted in 3.94 growth last year.
He said the government to strengthen industry and exports the government gave incentives to both sectors with prime focus on IT industry and its related exports.
Besides, the government also was going to give subsidies to energy sector for its uplifting. Advisor to PM also shed light on economic crisis caused by the improper plannings and no execution of policies of previous governments.