Economy Moving On Right Track: Farrukh Habib

FAISALABAD, (UrduPoint / Pakistan Point News - 15th Dec, 2019 ) ::Federal Parliamentary Secretary for Railways Farrukh Habib has said that the economy is moving on right track and its results are also appearing on the economic scene.

He was addressing a reception, hosted in his honor by All Pakistan Bedsheets and Upholstery Manufacturers Association (APBUMA)here Sunday. The function was also attended by Faizullah Kamoka, Chairman National Assembly Standing Committee on Finance, Revenue and Economic Affairs.

Farrukh said that a tattered economy was given to Pakistan Tehreek-e-Insaf (PTI) government, but it took prudent measures in the best national interest. He said it was for the first time that Dollar had depreciated by Rs 10. Similarly, 10 percent increase in exports had been recorded while the Stock Exchange had gained 11,000 points in a week.

He said that the current account was surplus for the first time, which indicated that economy was on the right track. As per ease of doing business index, Pakistan has jacked up 28 points, he added.

He criticized the previous governments and said that they had injected $7 billion in local market to artificially control the appreciation of dollar.

However, now market forces are deciding the Currency rate which is a positive sign for national economy. He assured that government is fully aware of the high inflation rate and hopefully it would start decreasing very soon.

Regarding high cost of energy mix, he said that the government has allowed starting work on 350-MW of wind energy projects which would help government to bring down the cost of electricity.

Faizullah Kamoka said on the occasion that the PTI government was under heavy financial stress as Pakistan had $97 billion foreign and Rs 30,000 billion internal debt when it came into power. He said that the government had brought out the economy from the operation theater and now it was recovering satisfactorily.

Earlier, Captain (retd) Farooq, Senior Vice Chairman APBUMA, Faisalabad, briefed about the problems being confronted by the SME sector.

Zafar Iqbal Sarwar, Senior Vice President Faisalabad Chamber of Commerce and Industry (FCCI) also addressed the function.

Later, shields were distributed among the guests.

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