ECC gives approval to auto policy 2021-26 and textile and apparel policy 2020-25

auto policy

With incentives to promote exports from Pakistan, the Economic Coordination Committee (ECC) of the cabinet has approved Textile and Apparel Policy, 2020-25, and Auto Industry Development and Export Policy, 2021-26.

The ECC meeting took place in Islamabad under the Chairmanship of Omer Ayub Khan, the Minister for Economic Affairs. The session gave the approval of Textile and Apparel Policy, 2020-25 and Auto Industry Development and Export Policy, 2021-26 with the incentive to promote exports. In the meeting, all the stake holders were directed to take the FBR and Power Division’s input before implementation of the policies.

Read more: Auto financing reached a new high of Rs 338 billion in September

The Ministry of Commerce was directed to incorporate inputs of the Federal Board of Revenue and finance division and consider the observations of Power Division before finalizing the Textile and Apparel Policy, 2020-25. The textile policy has been pending since the year 2019 and a number of times, the draft of the same has been put up in the meetings of ECC.

Moreover, the Ministry of Industry was directed that the export targets, given in the Auto Industry Development and Export Policy, 2021-26 may be reviewed every year and updated accordingly.

The approval of summery, presented by the Ministry of Energy on retargeting of power sector subsidies – Phase-11 that included removal of one slab benefit (Incremental block tariff) and incorporation of revised subsidy and inter-distribution companies tariff rationalization/cross-subsidies. ECC approved a summery on revised gas supply priority order to the fertilizer sector.

It was decided that gas supply will be ensured to the fertilizer industry in the current Rabi Season. The meeting approved the Rs 2.650 billion technical supplementary grant in favour of the Ministry of Housing and Works for execution of development schemes in Sindh and Baluchistan under SAP.

The approval of supplementary grant/Technical Supplementary Grant in favour of the Ministry of Energy for payment to IPPs as first Instalment (40%) under approved payment mechanism was given.

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