ISLAMABAD: The Pakistan government is expected to increase the allocation of funds for the development of the industrial sector in the upcoming budget 2024, local media reported on Monday, citing sources.
According to details, the federal government has proposed an increase of 103pc in the industrial development budget.
The sources privy to the development said Rs5.79 billion allocation is proposed for the development of industries in the FY2024-25 budget. While Rs1 billion allocation is proposed for the establishment of the Hub Special Economic Zone.
Rs700 million would be allocated for the development of Karachi Industrial Park in the budget 2024. The sources told the media that a Rs1.3 billion allocation is proposed for the establishment of a 132KV grid station in Bin Qasim Industrial Park in Karachi.
Rs250 million have been proposed for the Support Centre for Surgical and Dental Implants in the upcoming budget 2024, said the sources.
Federal Minister for Commerce Jam Kamal Khan has said that the government would provide economic and trade policy to support the business community and their proposals will be implemented in the upcoming budget.
He added the government was fully aware of its responsibilities for economic and industrial competitiveness and in this regard, full support will be given to the industrialists.
The minister made the remarks while addressing the Pre-Budget 2024-25 seminar arranged by the Ministry of Commerce.
