ISLAMABAD: The government has presented the country’s first National Industrial Policy (NIP) to the federal cabinet for approval, outlining major constraints to industrial growth and proposing reforms to revitalise the manufacturing sector. However, the Ministry of Finance has asked the Ministry of Industries and Production to first seek the IMF’s clearance for the incentives proposed under the new policy.

Officials said a meeting between IMF representatives and a team led by Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan is expected later this month to discuss the annual fiscal cost of the incentives planned for various sectors.

The policy targets $60 billion in exports by 2030, GDP growth of 6pc and manufacturing growth of 8pc annually by the end of the decade. It aims to provide a roadmap for industrial competitiveness, job creation and export expansion.

Key constraints

The NIP identifies a range of structural and policy-related challenges impeding........

© Dawn Business