Daily Times

Minister for Finance and Revenue, Senator Ishaq Dar on Friday announced the exemption of customs duty on the raw material used in the production of solar energy products. “This exemption encompasses essential components such as inverters, solar panels, and batteries, marking a positive step towards promoting renewable energy in the country,” the minister said while announcing the federal budget for the fiscal year 2023-24. Dar emphasized that Pakistan’s energy requirements were being met through costly imported items, leading to a surge in inflation.

He highlighted the country’s dependence on these expensive imports as a significant factor contributing to the rising costs and economic challenges faced by the nation.

Therefore, the government was determined to utilize its local coal maximum and encourage the initiatives of renewable energy. The minister said that Pakistan heavily relied on crude oil and petroleum-refined items for its energy production. However, the country frequently encountered supply chain challenges during the importation process of these essential resources. “Government is establishing Bonded Bulk Storage Policy for POL Products which would help to store the petroleum products,” he added.