Metals companies met with prime ministers to point out obstacles to industrial growth.

While Prime Minister Imran Khan guarantees support and incentives for the growth, development and revitalization of the nation's steel industry, he calls for immediate solutions to the challenges facing the critical industries that make up the economy. At a meeting with a delegation from the Pakistani Association of Large Steel Producers (PALSP), led by its main sponsor Abbas Akberali, the Prime Minister instructed relevant ministries to tackle the problems of ferrous metallurgy and related sectors. Industry Minister Hamad Azhar, Adviser to the Minister of Finance Dr. Abdul Hafiz Sheikh, Trade Advisor to Abdul Razak Daoud, Dr. Institutional Reform Advisor. Dr. Ishrat Hussein and Bank Negara. Reza Bakir.

The iron and steel industry briefed the prime minister on the industry's complex cash flow issues and called on the prime minister to take immediate action to revive the lost steel business. Representatives are looking for a “predictable roadmap for the local steel industry” that can meet growing domestic demand. You said that a package of structural reforms is needed to make Pakistan's steel sector competitive in the global market. The members of the delegation proposed that the government introduce a long-term tariff structure of 10 to 15 years with locally competitive energy prices and the elimination of unproductive taxes.

The official added that due to the existing tariff structure and a number of problems, the government did not increase its revenues, and the steel sector did not lay off its employees despite less than 50 years of work. Due to the blockage of the crown. The Prime Minister was informed that the current profitability of steel producers is insufficient and that the sector cannot pay a sales tax of 1.5 units. And then you will suffer even greater losses. Made of non-standard steel. Buildings collapsed when non-standard steel was used in the country.

The delegation requested the Ministry of Science & Technology and PSQCA to take necessary measures in this regard.

They also informed the meeting that the exemptions given to FATA/PATA by the government were being massively misused and goods produced in these areas were being sold without payment of excise duty on finished goods. The total amount of revenue that the government was losing from FATA/PATA amounts to Rs15 billion per annum, they added.