PEW asks govt to stem fall in forex reserves, exchange rate

ISLAMABAD (INP):  PEW on Sunday asked the government to stem fall in forex reserves and exchange rate. Fall in value of rupee against dollar and falling reserves that are now around $14 billion, has raised concerns among the masses and the business community, it said. Serious efforts should be made to save hard-earned gains achieved by the country after taking tough actions under the last IMF loan programme, said PEW President Dr Murtaza Mughal. An immediate action is required otherwise the situation might go out of control exactly at a time of general elections next year with no other option but to seek another bailout package from the IMF, he added. Dr Murtaza said that the value of rupee has nothing to do with the export competitiveness and erosion in the exchange rate has a very little and temporary impact on the exports. He said that reduced exchange rate will damage masses by making imports costly and stoking inflation as devaluation will not support the exports as expected while the masses will pay the price for wrong decisions of the policymakers.




RCCI chief stresses need to promote entrepreneurship culture

RAWALPINDI (INP):  RCCI President Raja Amer Iqbal has said that there is an urgent need to promote entrepreneurship culture and linkages between academia and industry. “By year 2025 we will be having 7 million youth coming out of universities with masters and M Phil degrees, only industrialisation can cater and address this huge number of unemployment in the country,” he said while speaking as guest of honour at Pakistan Development Summit and Expo at Pak China centre Islamabad. Raja said that developing and developed countries have recognised the importance of Small and Medium Enterprise (SME's) which play an important role in development of national economy. He urged the government to address certain hurdles in promoting SMEs in the country and this includes law and order, power shortage and lack of skill workers. He said that SME's are opening point of developing the economy towards industrialisation as well as significant effect on income distribution, tax revenue and job creation.


SCCI calls for establishment of marketing intelligence cell

SIALKOT (APP): Sialkot Chamber of Commerce and Industry (SCCI) President Majid Raza Bhutta has called upon the government to take step for setting up a marketing intelligence cell to facilitate the business community of the country. While talking to journalists, he said that the proposed cell should be established at Trade Development Authority of Pakistan (TDAP) for ensuring assistance to manufacturers and exporters in obtaining information pertaining to the international demands for commodities, competitive price, price index, expanding markets and other essential trends. The cell would also serve to disseminate the latest information on export markets and technology to facilitate diversification of exports, he pointed out. He also urged the government to take steps for setting up EXIM Bank (Export Import Bank of Pakistan) on top priority basis to facilitate the export sector in terms of financing and other related issues.

The SCCI president said that the government should provide special incentives to encourage the export of high priority sectors like textile and clothing, surgical and dental instruments, leather products, sports goods, footwear, gems and jewellery and furniture.





Drip-sprinkler system to be installed on 20,000 acres

SIALKOT (APP):  The Agriculture Department will install drip sprinkler system on 20,000 acres of farmlands for better and effective use of available irrigation water in the province.

According to official sources, special step would also be taken for promotion of tunnel farming and the technology would be installed on 3,000 acres of land for growing vegetables in Punjab. Also, under the directives of the Punjab chief minister, the Agriculture Department has formulated a well-knit three-year plan worth Rs4.76 billion for introducing new techniques in agriculture sector to enhance per acre yield and to improve the economic conditions of farming community in Punjab. The government will provide 80 percent subsidy on installation of solar system while growers will contribute 20 percent for installation of the system. The government will also provide 50 percent subsidy on installation of tunnel farming technology, the sources said.