Amid reservations from key stakeholders, the government on Wednesday announced the New Energy Vehicle (NEV) policy aimed at transitioning 30 per cent of all new vehicles — imported and locally manufactured — in Pakistan to electric power by 2030. Minister for Industries and Production Rana Tanveer Hussain unveiled the measures at a news conference, claiming that all stakeholders had been consul
Syed Hafeezuddin, Chairman of the National Assembly’s Standing Committee on Industries and Production, has directed the Pakistan Steel Mills (PSM) management to expedite its revival to prevent further losses. In a visit to the PSM on Wednesday, he took serious notice of the non-payment of dues to retired and retrenched employees, the disconnection of gas supply, electric tariff, water supply
The first four months of FY25 saw a 30.98 per cent increase in crude oil imports, leading to higher-than-expected production of petroleum products by local refineries and an increase in exports. Preliminary estimates suggest that the increase in local production of petroleum products in the past few months and its exports from the country is likely to boost economic growth in the current fiscal
Banks have managed to increase their Advance-to-Deposit Ratio (ADR) to 44 per cent in a bid to avoid the 15pc incremental tax due at the end of 2024, analysts said on Wednesday. The government — keen to extract more revenue from banks that recorded unprecedented profits in 2023, nearly double the previous year — appears to have been thwarted as banks rapidly increase lending to minimise additio
Bulls maintained their control over the trade floor as shares at the Pakistan Stock Exchange(PSX) surged more than 800 points on Tuesday, briefly touching the 96,000 barrier for the first time. The benchmark KSE-100 index climbed 812.70 points, or 0.86 per cent, to stand at 95,808.37 points from the previous close of 94,995.67 points at 11:08am. At 2:44pm, the index crossed the 96,000 threshold