Budget for FY2021-22: Rs50b subsidy on the cards for export industry under RCET regime

ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government has decided to extend the regionally competitive energy tariff (RCET) regime for the export industry in the budget for financial year 2021-2022, and provide Rs50 billion annual subsidy to the sector.

“Yes, the authorities concerned have agreed to provide the RCET to the Adviser to Prime Minister on Commerce, Textile and Investment played crucial role to prepare the mind of the government that strongly believes in growth-oriented budget to accord approval to the RCET in the next budget.

They said that Pakistan Institute of Development Economics (PIDE) also carried out a study which recommended continuation of the RCET to the export industry, saying it played an important role in the surge of current year’s exports.

The textile industry has capitalised, they said, on the given incentives to help the government achieve the ultimate aim of export maximisation, job creation and realisation of economic prosperity. Pakistan’s export industries (including textiles) witnessed an exceptional growth of 9pc in 9 months of FY21.