Dr Musadik Masood Malik, the Minister for Petroleum Division, affirmed on Saturday that the government is focusing on controlling inflation and creating employment opportunities as its primary objectives.
During a press conference, Dr Malik stated that, under the directives of the Prime Minister, efforts are being made to provide maximum relief to the populace, resulting in a gradual decrease in inflation across the country.
He mentioned that the Prime Minister has set specific targets for all ministers to alleviate the public’s burden by controlling inflation and enhancing job creation.
Dr Malik highlighted several external factors, such as floods, natural disasters, and conflicts in Ukraine and the Middle East, which have disrupted the commodity cycle.
Despite these challenges, the government’s measures have led to a significant reduction in the Consumer Price Index (CPI) from 37 per cent to 17 per cent. Similarly, food inflation has dropped from 40 per cent to 11.5 per cent, indicating a move towards economic stability.
He also noted that the prices of petroleum products have been reduced, providing around Rs25-26 per litre relief on petrol within a month. Dr Malik expressed optimism that inflation will continue to decline in the coming days.
The minister reported a 50 per cent increase in tractor purchases and a 17 per cent rise in urea production over the past year, reflecting positive economic trends.
He assured that the forthcoming budget would be balanced and geared towards providing relief, with a projected 30 per cent increase in tax collection. Additionally, the country has seen a rise in exports and a decline in imports.
Dr Malik concluded by stating that the budget would include more incentives for small businesses and the IT sector, aiming to foster growth and stability in these critical areas.
