Karachi: Government sets ambitious Rs 3.033 trillion revenue target for fiscal year 2013: Fiscal deficit at 4.2 percent of GDP
The government has estimated a consolidated budget of Rs 4.406 trillion for 2012-13.
According to MR Securities, envisaging gross revenue target of Rs 3.033trillion and a fiscal deficit of 4.2 percent of GDP based on the assumption that provinces would be able to show a Rs 110 billion budget surplus and subsidies would be contained at Rs 120 billion – difficult prospects in an election year.
Corporatization, Demutualization, Integration Act, 2012
President Asif Ali Zardari has given assent to the Stock Exchanges (Corporatization, Demutualization and Integration) Act 2012 to further strengthen the country’s stock markets. The demutualization bill was earlier approved in a joint session of parliament on March 27 and enacted into law by the president.
Business leaders for economic interdependence
India-Pakistan business leaders have emphasized to move with a sustainable peace process between the two countries by creating economic interdependence which would pave the way for removing the mistrust between the two nations.
Trade could increase to $30 billion in 10 years
Pakistan and India can increase bilateral trade level to up to $25-30 billion over the next 10 years if both countries move towards placing level playing field for each other.“In next five years, the conservative estimates suggest that bilateral trade between Pakistan and India can surge to $10-12 billion which could be increased further to $25-30 billion over the long term,” former governor of the SBP Dr Ishrat Husain.
China willing to set up $5 billion oil refinery at Karachi
China has reportedly expressed willingness to set up an oil refinery near Karachi with an investment of $5 billion, official sources told Business Recorder. For this purpose, China has requested the Government of Pakistan (GoP) to identify 4000 acres of land as early as possible. Refinery, the GoP has been informed, will begin operations four years after development work starts formally.
Govt plans to tap Thar coal reserves
The federal government has struck deals with various industrial groups and initiated power generation projects up to 2,500MW from Thar coal reserves. There are currently four joint venture projects to develop and exploit Thar coal reserves, said an official familiar with the matter on Monday.
Manufacturers oppose EDB’s proposed duty cuts on autos, parts
A meeting between the Engineering Development Board (EDB), Pakistan Automotive Manufacturers’ Association (PAMA) and the Pakistan Association of Auto Parts and Accessories Manufacturers (PAAPAM) has been adjourned without conclusion, as local manufacturers and the EDB refuse to budge from their respective viewpoints. The meeting was held to discuss the Auto Industry Development Program (AIDP-II) for 2012-2013 to 2016-2017.
Raising funds: Government opens doors to private lenders
The government has decided, in-principle, to allow individual depositors to invest in government securities through commercial banks; a move aimed at boosting declining savings and ensuring almost double returns to investors against what they currently receive from banks.
Sino-Pak friendship: Orient expands energy projects
Chinese conglomerate Orient Group of Companies Chairman Zhang Hongwei called on President Asif Ali Zardari to brief him on Pakistani ventures on Monday. He said that Orient was keen to expand in the power sector and intends to enter the oil and gas sector to help the country meet its energy needs.
South Korean co to set up 300 megawatts solar energy plant in Sindh
Ko Young Sun, head of a visiting Korean delegation, said that Global R and BD Division of CX Korea will establish 10 MW solar energy plant which will later be extended up to 300 MW. The project will be initiated after completion of formalities of Nepra and Ministry of Water and Power.
IPPs issue 72-hour ultimatum
The Advisory Council of the independent power producers (IPPs) has given a 72-hour ultimatum to government for the payment of Rs34 billion, failing which the IPPs would opt for legal proceedings.
EU GSP plus scheme: Pakistan will soon acquire greater access to markets: German CG
The Consul General of Germany, Dr Tilo Kilnner, has expressed hope that Pakistan soon acquires access to European markets through EU GSP plus scheme.
‘$10bn inflows possible through value addition in raw cotton’
Pakistan can fetch $10 billion foreign exchange through value addition in raw cotton, said Abdullah Hussain Haroon, Pakistan’s Ambassador to the United Nations. “The country can bridge the trade deficit by focusing on value addition as done by other neighbouring countries,”
Scheduled banks deposits rise 15.5% to Rs 5.93tr in April
The scheduled banks deposits have reached an all-time high of Rs 5.93 trillion in April 2012 with modest and continuous surge of investors’ money in multiple accounts.