Pakistan’s 2024-25 budget marks a pivotal shift towards sustainable energy with a significant reduction in import costs for solar energy-related items. Spearheaded by Finance Minister Muhammad Aurangzeb, this initiative aims to bolster the adoption of renewable energy and reduce the nation’s reliance on traditional fuel sources.
Under the new measures, import expenses for essential components like production plants, machinery, and raw materials for solar panel manufacturing will see a notable decrease. This strategic move not only makes solar energy more financially accessible but also safeguards Pakistan’s foreign exchange reserves.
Aligned with a broader agenda to promote sustainability, the government aims to catalyze local manufacturing by making solar energy equipment production more cost-effective. By fostering domestic production, the initiative anticipates the creation of job opportunities within the burgeoning renewable energy sector.
Alongside the focus on renewables, the budget introduces a standardized 18% tax on various mobile phone categories. This taxation proposal seeks to level the playing field, ensuring fair competition among different mobile phone brands and models. The government envisions this tax as a means to cultivate an equitable market landscape, fostering a healthier economic climate for all stakeholders involved.