TCL introduces freshin 3.0 air conditioners at ‘Freshin Experience’ event, promoting smarter, healthier living
TCL, Pakistan’s No. 1 LED TV brand and a global leader in smart home technology, hosted an immersive lifestyle experience at AristoPolo, DHA Phase 8, Lahore, to mark the official launch of its latest innovation, the TCL FreshIN 3.0 Air Conditioner. The event set the tone for a new era of fresh, healthy, and intelligent living with the introduction of TCL’s most advanced air system to date.
Bringing together a curated mix of lifestyle and wellness influencers, celebrities, and TCL’s business partners from across Pakistan, the event celebrated TCL’s commitment to transforming everyday comfort through innovation. Guests were welcomed into a vibrant, forest-inspired space filled with greenery and nature-themed décor.
A series of immersive and interactive activities reflected the core message of “breathe better, live smarter.” Guests participated in a guided breathing activity, representing clean, oxygen-rich air and the freshness FreshIN 3.0 delivers. A pottery-making station allowed participants to unwind and express creativity, mirroring calmness and natural connection. A painting activity added a touch of personalized expression, letting attendees explore wellness through art. These thoughtfully designed engagements made the FreshIN Experience both memorable and meaningful.
The TCL FreshIN 3.0 is more than just an air conditioner; it’s a complete Fresh Air System designed to improve indoor air quality by actively bringing in and purifying outdoor air. It features a dedicated Fresh Air Inlet, Oxygen Boost technology, a QuadruPuri Filtration System, a real-time Air Quality Display, and ultra-quiet operation at 16 dB. With TCL’s proprietary T-AI energy-saving technology, Gentle Breeze Mode, and smart connectivity via app and voice control, FreshIN 3.0 brings together health, comfort, and convenience in one smart package.
Majid Khan Niazi, Director of Marketing at TCL Middle East and Africa, stated, “The launch of FreshIN 3.0 represents TCL’s ongoing mission to enhance everyday life through innovation. In a time where clean indoor air is more important than ever, this product redefines what an air conditioner can do, not just cooling, but contributing meaningfully to our health and well-being.”
The launch reaffirmed TCL’s position as a forward-thinking brand, continuously pushing boundaries in home technology with user-centric innovation. TCL FreshIN 3.0 is now available at TCL flagship stores and authorized dealers nationwide.
PQFTL sets benchmark in Takaful with innovation, growth and Shariah excellence
Pak-Qatar Family Takaful Limited (PQFTL) has been honoured with the prestigious title of Fastest Growing Family Takaful Company – Pakistan, at the International Finance Awards 2025. This exceptional recognition places PQFTL as the only Takaful company from Pakistan to receive this accolade, a testament to the company’s unwavering commitment to growth, innovation, customer centricity and leadership in the Takaful sector and the promotion of an Islamic Financial eco-system in Pakistan.
Pak-Qatar Family Takaful’s outstanding growth is underpinned by a powerful combination of strategic vision and operational excellence. The company has consistently invested in nurturing talent-empowering its teams with robust training programs and industry-first products and has embedded a people-first ethos across all levels. This approach, accompanied with the digitization of processes for convenience, has built customer trust.
By embracing technology and maintaining a strong Shariah governance framework, PQFTL has not only strengthened trust among its stakeholders but also streamlined processes to deliver seamless, customer-centric experiences. This synergy of innovation and dedication has established PQFTL as a benchmark in the Family Takaful space.
“This award witnesses our dedicated workforce’s relentless efforts and our innovative approach to product development and customer centricity,” stated Mr. Waqas Ahmed, CEO of Pak-Qatar Family Takaful Limited. “Our team’s passion for excellence, combined with a professional culture that collaborates with ethical practices, has positioned us at the forefront of Pakistan’s Takaful industry. We remain committed to scaling new heights by continually enhancing our offerings and reaching more families across the country”, he added.
The International Finance Awards shine a spotlight on exemplary achievements in financial services. The esteemed jury conducts a rigorous assessment of companies based on leadership, innovation, financial performance, and strategic potential.
This award further solidifies Pak-Qatar Family Takaful’s position as a pioneer in Pakistan’s Takaful landscape, reinforcing its mission to extend ethical and reliable financial protection and savings to families nationwide.
Neem & Jubilee partner to power embedded payments across the insurance value chain
Jubilee Life Insurance, Pakistan’s largest private sector life insurance provider, has entered into a strategic partnership with Neem, the country’s leading embedded finance platform, to digitise and streamline payments across the insurance value chain.
As part of the partnership, Neem’s flagship payment solution is integrated across Jubilee Life’s digital platforms, including its website, mobile app, and agent portal, enabling customers to make premium payments via cards, bank transfers, digital wallets, and 1Bill cash channels. Additionally, Neem will support Jubilee Life’s agent network with smart, trackable payment links, simplifying customer transactions and improving collection efficiency. Real-time insights will be made available to Jubilee Life through the Neem Business Portal, enabling better visibility and financial control across all payment touchpoints.
The collaboration aims to modernise insurance payment solutions, making transactions more accessible and efficient for policyholders, agents, and stakeholders. By leveraging Neem’s embedded financial infrastructure, Jubilee Life will enhance its customer experience and bring greater agility to its operational processes.
Commenting on the development, Javed Ahmed, Managing Director & CEO, Jubilee Life stated: “At Jubilee Life, we are committed to creating customer-centric solutions powered by innovation. Partnering with Neem allows us to digitise our financial flows, empower our agents, and ultimately deliver a seamless and secure payment experience to our policyholders across Pakistan.”
“Insurance is a cornerstone of Pakistan’s financial ecosystem, and we’re excited to partner with Jubilee Life in building future-ready payment infrastructure,” said Nadeem Raoof Shaikh, Co-founder of Neem. “Together, we’re not only simplifying payments, but also are collaborating with Jubilee Life to further connect with their customers in a real-time, digital-first world.”
HUBCO Green, PSO launch Pakistan’s first intercity NEV charging station on M-2 corridor
HUBCO Green (Private) Limited (HGL), a subsidiary of The Hub Power Company Limited (HUBCO), in a transformational partnership with Pakistan State Oil (PSO) inaugurated its first state-of-the-art New Energy Vehicle (NEV) Charging Station on Lahore-Islamabad Motorway (M-2), one of the busiest travel corridors of Pakistan.
As part of its strategic entry into the NEV market through BYD Pakistan – Mega Motor Company (MMC), HGL has a long-term plan to develop a nationwide NEV charging infrastructure. HGL will deploy a network of chargers every 200 km from Karachi to Peshawar, alleviating range anxiety for NEV users and promoting environmental sustainability.
Along with HGL’s EV Charging Station, this PSO Experience Hub on Magic River Rest Stop also features a Vibe Café and Store to provide customers with a space that offers both comfort and convenience while their vehicles recharge.
Speaking at the launch event, Mr. Kamran Kamal, CEO, HUBCO, stated: “HUBCO Green is a strategic extension of our long-term view on where the country’s mobility landscape is headed. At the heart of our mandate is a commitment to promote sustainability and an environmentally responsible automobile sector. Our focus is on building NEV charging infrastructure where it matters most, creating value with the right partners and at the right scale. This strategic partnership with PSO is a step in operationalizing that vision. With the inauguration of this NEV charging station, we reaffirm our commitment to a cleaner, greener Pakistan.”
Also present at the event, Mr. Danish Khaliq, VP Sales & Strategy, BYD-MMC said: ” BYD, the world’s No. 1 NEV manufacturer, entered the Pakistan market with a vision to drive electric mobility and sustainability in the country’s automobile sector. Following the installation of charging stations in key urban cities, this launch marks the first of many in our long-term plan to develop a nationwide charging network along intercity routes, enabling NEV users to travel long distances with ease and convenience. Our advanced technology supports fast charging, significantly reducing wait times for travelers on long-haul journeys. This partnership with PSO reflects our commitment to supporting Pakistan’s transition to NEV adoption and ensuring the country is future-ready.”
Mr. Mohsin Mangi, CSTO, PSO, asserted: “At PSO, we’re driving Pakistan’s energy transformation. Our partnership with HUBCO Green is a major milestone toward sustainable mobility. By turning our widespread retail network into clean-energy hubs, we’re preparing the foundation for a smarter, more environmentally friendly Pakistan. The launch of this EV charging station isn’t just about technology, it reflects our commitment to protecting the environment and serving today’s traveler. And we’re not stopping at EVs. With VIBE, we’ve introduced modular, SEED-certified convenience stores connected to our e-commerce platform, designed for seamless, sustainable retail on the move. VIBE Café offers barista-quality coffees and artisanal treats for those little moments of indulgence. Through Asaan Safar, we’re enhancing travel comfort with executive amenities along key routes, all coordinated through the Fuelink app. Each of these projects is part of one clear goal: to support every traveler, with cleaner energy, elevated services and genuine care.”
The station features a 60kW fast charger that can simultaneously charge two vehicles, delivering a 50% charge, for instance, to the BYD Atto 3 in less than 30 minutes, which is equivalent to 160–200 km, ideal for staying powered up while on the go.
Leveraging HUBCO’s focused ambitions in the NEV sphere through BYD-MMC and with PSO’s vast retail footprint, HGL lays the groundwork for a reliable, countrywide NEV charging network that supports Pakistan’s evolving mobility needs and its broader environmental goals.
Thar Clinics make history with first permanent licenses in Mirpurkhas division
For the first time in Mirpurkhas Division, three healthcare centers have been granted permanent licenses in recognition of their high quality healthcare services.
With support from the Indus Health Network, the Thar Foundation Hospital in Islamkot and the Marvi Clinic located in Thar Block-2 have been granted permanent licenses. Similarly, the Site Clinic established by Sindh Engro Coal Mining Company (SECMC) in Block-2 has also been awarded a permanent license.
According to Dr. Altaf Khawaja, Director of the Sindh Healthcare Commission, there are approximately 100,000 small and large, public and private healthcare centers in the province. Out of these facilities, only around 14,000 are registered so far and 1,200 centers have been issued temporary licenses. Only 113 centers across the province have received permanent licenses.
Dr. Altaf Khawaja explained that the Sindh Healthcare Commission conducts regular evaluations of the services and facilities at all healthcare centers. Only those centers that consistently provide high-quality and standard healthcare services are recognized with a permanent license.
Deputy Director of the Sindh Healthcare Commission, Faheem Abro, added that these centers operated by Thar Foundation and Indus Health Network met the stringent evaluation criteria and were granted a permanent license accordingly.
Transworld, Zindigi launch cashback partnership for smarter living
Transworld Home, a leading internet service provider, has joined forces with Zindigi, Pakistan’s fastest growing digital banking initiative of JS Bank, to introduce a cashback reward program for customers across Pakistan. This strategic partnership, aims to enhance user experience through innovation, promote the adoption of digital payments, and reward loyal customers with added value. The collaboration signifies a shared commitment from both organizations to bringing digital convenience and customer value to the forefront.
The MoU was formally signed by Atif Ishaque, Chief Business Officer at Zindigi, and Asif Inam, Deputy Chief Executive Officer & Chief Operating Officer at Transworld, in the presence of Noman Azhar, Co-Founder and Chief Officer at Zindigi; Saad Muzaffar Waraich, President of Transworld Home; and Malik Haris Anwar, Head of Business & Partnerships – Central Region. Senior representatives and dignitaries from both organizations also attended the signing ceremony.
Noman Azhar, Co-Founder and Chief Officer at Zindigi, highlighted the strategic vision behind the alliance: “At Zindigi, our mission is to create meaningful impact in the everyday lives of our customers. This partnership with Transworld is about enabling a more empowered, connected lifestyle. We are building a future that is smarter, more intuitive, and truly centered around the evolving needs of our people”
Aasif Inam, Deputy CEO & COO at Transworld Home, echoed this sentiment, stating, “At Transworld Home, we are always looking for ways to enhance the customer experience. Our
partnership with Zindigi reflects our commitment to providing not just world-class internet services but also rewarding the trust our customers place in us”.
As part of this collaboration, Zindigi will launch a targeted promotional campaign within its app, offering an exclusive Transworld Home promotion. This initiative will enable Zindigi customers to explore and subscribe to premium Transworld Home internet services with special benefits.
This partnership transcends a mere promotional offer; it creates an integrated lifestyle experience accessible through the Zindigi app. Users can seamlessly manage finances, access digital services, and enjoy uninterrupted internet connectivity with Transworld Home, all within one powerful platform.
Through this initiative, Transworld Home reinforces its dedication to delivering high-speed connectivity and a more rewarding digital lifestyle. Simultaneously, Zindigi continues to enhance everyday payments, driving the future of digital financial experiences in Pakistan.
Efforts to eliminate circular debt commendable: Mian Zahid
The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on June 20 that the government’s recent steps to eliminate circular debt in the power sector are laudable.
He emphasized that circular debt, a term used to describe the vicious cycle of unpaid bills and loans within the power sector, has posed a persistent threat to the economy, industry, and public for several decades.
Mian Zahid Hussain noted that circular debt not only weakens the financial capacity of power generation companies but also undermines the efficiency of the transmission and distribution system. This, in turn, discourages investment in the power sector and hampers the continuity of electricity generation.
Speaking to the business community, the veteran business leader noted that government measures, such as borrowing from banks to settle outstanding dues, curbing electricity theft, and initiating action against defaulters, are indicators of long-overdue reforms. These measures must be sustained and implemented effectively to achieve lasting impact.
The business leader emphasized that resolving the financial challenges of the power sector is crucial to ensuring cost stability in electricity and providing affordable energy to industries. However, he warned that making the public bear the brunt of these efforts, such as through increased electricity bills, is neither just nor practical.
Mian Zahid Hussain criticized the strategy of repeatedly increasing tariffs as a weak and short-sighted approach that negatively impacts both ordinary consumers and the business community while further inflating industrial costs. He urged the government to focus on administrative reforms instead of price hikes.
He identified electricity theft, line losses, and a poorly maintained transmission system as the root causes of circular debt. Without addressing these issues, no financial plan can succeed. If left unresolved, the reliance on bank loans will continue to increase the public’s burden. This outcome is neither rational nor acceptable.
He proposed that electricity distribution companies be granted greater autonomy while ensuring rigorous performance oversight to help them meet their operational targets.
Mian Zahid Hussain also highlighted the potential of increasing investment in the power sector through public-private partnerships, especially in renewable energy projects. Such investments could not only enhance power generation but also reduce dependence on imported fuel, offering a promising future for the sector.
He called for transparency and accountability in all reform initiatives, emphasizing that these are crucial to prevent vested interests from sabotaging progress and to ensure the integrity of the reform process.
Finally, he urged the government to reduce electricity tariffs instead of raising them and to lower the cost to nine cents per unit. This, he argued, is essential to boost Pakistan’s exports; without it, eliminating the $28 billion trade deficit will be impossible. A balanced, fair, and sustainable energy policy, he concluded, is the only way to end circular debt, stabilize the economy, and ensure public welfare.
SECMC achieves AWS Gold Certification for water stewardship
SECMC, Pakistan’s pioneering coal mining company, has set a global benchmark by becoming the first mining company in the world to receive the Alliance for Water Stewardship (AWS) Gold Certification for its complete mining operations, reflecting its leadership in sustainable water management.
Established in 2009, the Alliance for Water Stewardship (AWS) is a global, multi-stakeholder platform founded by the United Nations, NGOs and research institutes to promote responsible water use and sustainable freshwater management.
Over 330 sites in more than 30 countries have achieved AWS certification across diverse sectors such as agriculture, manufacturing, energy, and now mining.
The AWS Standard offers a rigorous framework built around five key pillars of Good Water Governance, Sustainable Water Balance, Water Quality, the Health of Water-Related Ecosystems, and Safe Water, Sanitation and Hygiene (WASH).
By adopting the AWS Standard, SECMC has institutionalized water stewardship across its operations in Thar Block II and demonstrated its ability to align with international sustainability benchmarks.
SECMC aligns its water quality and discharge monitoring and voluntarily follows key parameters from the U.S. EPA 40 CFR Part 434 standards. The company’s commitment is backed by advanced infrastructure, including Reverse Osmosis and Sewage Treatment Plants (STPs), which treat and reuse over 43,000 cubic meters of water each month for landscaping, sanitation and operational needs.
These efforts have significantly reduced the mining operation’s reliance on underground freshwater sources.
SECMC has also implemented a forward-looking bio-saline agriculture program, developed in collaboration with research institutions, including PARC, ISHU-KU and the Xinjiang Institute of Ecology and Geography.
Over 100 local farmers have been trained to cultivate drought-resistant crops, such as Apple Ber, Sesbania Grass and Aloe Vera, using modern techniques like drip irrigation to enhance water-efficiency.
As a result, 65 acres of arid land has been transformed into productive farmland. Through its CSR arm, the Thar Foundation, SECMC has significantly improved access to water, sanitation and hygiene (WASH) for surrounding communities.
One of the key initiatives is the installation of 23 Reverse Osmosis (RO) plants, which provide 2.8 million gallons of clean drinking water each month to more than 5,400 residents in Block II and nearby villages. These complementary efforts include the construction of over 600 sanitation units and regular awareness sessions on hygiene and water conservation, reaching more than 3,000 schoolchildren.
Reflecting on this remarkable achievement, Amir Iqbal, CEO SECMC, shared that “achieving AWS Gold Certification is a recognition of the tangible actions we have taken toward responsible mining, building resilient communities and environmental sustainability. This is an important milestone as we strive to lead the way as a world-class, responsible mining company.”
UBL and Cashnow join hands for digital supply chain finance solution

UBL has entered into a strategic alliance with CashNow, a leading fintech platform, to revolutionize supply chain finance. The agreement was signed recently at UBL’s Head Office in Karachi. This partnership will enable CashNow to power a Digital Supply Chain Finance solution for UBL that will enable the bank’s customers to access early payments against approved invoices.
“United Bank is committed to fostering growth across all business sectors, with a strong focus on supporting SMEs,” said Mr. Abdul Aleem Qureshi, Group Executive, Branch Banking Group, UBL. “We are honoured that United Bank has entrusted CashNow with this pivotal Supply Chain Finance initiative,” remarked Mr. Saeed Iqbal, Director/Co-Founder of CashNow.
This collaboration is a significant step towards advancing financial and operational excellence in supply chain finance.
With this alliance, UBL reinforces its position at the forefront of digital banking innovation, while contributing to Pakistan’s broader economic development goals by delivering scalable and technology-driven financial solutions.
Fatima Fertilizer honored as sustainability leader at campaign Asia WLCA Asia-Pacific 2025 in Hong Kong
Rabel Sadozai, Director of Marketing and Sales, Fatima Fertilizer, has been named the Sustainability Leader of the Year at the Women Leading Change Awards Asia-Pacific 2025, held in Hong Kong – a prestigious regional accolade that recognizes outstanding female leaders driving meaningful change across the Asia-Pacific region.
Rabel Sadozai’s recognition underscores her exceptional leadership in transforming Pakistan’s agriculture and fertilizer industry through sustainable innovation, gender inclusion, and climate action. Under her guidance, Fatima Fertilizer has become the first company in Pakistan to officially partner with the United Nations Development Programme by adopting the Sustainable Development Goals Impact Framework in 2024.
“It is an incredible honor to receive this recognition among such inspiring change makers from across Asia-Pacific,” said Rabel Sadozai. “At Fatima Fertilizer, sustainability isn’t just a goal; it’s the foundation of everything we do to secure Pakistan’s food future and uplift our farming communities, especially women. As the first company in Pakistan to adopt the SDGs Impact Framework in partnership with UNDP, we are committed to advancing key global goals, such as climate action, gender equality, and zero hunger, through innovation, renewable energy, water conservation, and inclusive, climate-resilient agriculture.”
She has played a pivotal role in policy advocacy, elevating the conversation around responsible agriculture and sustainability at national forums. Her efforts culminated in pioneering the concept of Salam Kissan, which led to the introduction of Pakistan’s first-ever Kissan Day, celebrated annually on December 18th. This historic milestone, officially recognized by the Government of Pakistan to honor farmers’ contributions and drives forward the agenda for agricultural reform and innovation. Rabel’s work has not only elevated Fatima Fertilizer’s reputation as a sustainability trailblazer but has also inspired other organizations in the industry to align with global ESG principles.
The Women Leading Change Awards celebrate women who are breaking barriers, redefining leadership, and shaping the future across business, sustainability, tech, and innovation. The awards serve as a powerful testament to Campaign Asia-Pacific’s commitment to promoting diversity, inclusion, and equality throughout the region.
Toyota’s dream car art contest returns in Pakistan after five years
Indus Motor Company (IMC), in collaboration with Toyota Motor Corporation, proudly hosted the Grand Dream Car Art Contest event, marking a triumphant return after a five-year hiatus due to the COVID-19 pandemic.
This global initiative, launched by Toyota in 2004, aims to encourage creativity and imagination in children aged 15 years and below by providing them a platform to dream big and express their visions of the future through art.
This year’s contest witnessed an overwhelming response with 25,324 entries collected from across Pakistan, engaging 1,118 schools, including 183 government institutions, across 29 cities spanning from Quetta to Kashmir.
The grand event celebrated 27 regional winners, with 9 exceptional young artists honored as National Winners, whose artworks will represent Pakistan on the global stage at the Toyota Dream Car Art Contest finals in Japan this August 2025. Additionally, 2 artworks received the Jury Choice Award, while 3 entries were recognized with the “Waku Doki” (heart-pumping excitement) award, selected by the female engineers of IMC. The “CEO Choice Award” was presented to 3 outstanding artworks by Mr. Ali Asghar Jamali, CEO of Indus Motor Company.
Gracing the occasion as Chief Guests were Mr. Ali Asghar Jamali, CEO of IMC, and Mr. Shinji Yanagi, Vice Chairman of IMC. The event was further honored by the presence of Toyota Dealers’ Principals and the distinguished jury panel, whose invaluable contribution was acknowledged with deep appreciation by IMC leadership.
This year, the esteemed jury included celebrated faculty members from the Indus Valley School of Art & Architecture: Aliya Yousuf, Wafa Ali, Muhammad Zeeshan, and Abdul Jabbar Gull, whose expertise ensured a fair and inspiring selection process.
Reflecting on the event’s success, Mr. Ali Asghar Jamali, CEO of IMC, stated: “The Dream Car Art Contest reflects Toyota’s core belief in nurturing imagination and innovation among youth. It’s not just about art—it’s about dreaming without limits. The incredible response from across the country shows how deeply rooted creativity is in our children, and we’re proud to provide them a platform that could one day turn those dreams into reality.”
As the winning entries head to Japan, IMC continues to stand firm in its commitment to youth development and creative empowerment through global platforms that celebrate talent and dreams alike.
Sir Anwar’s birthday tea with the King & Queen
Sir Anwar Pervez, OBE H Pk was invited to join Their Majesties for Tea at the Royal Box at the Royal Ascot Races.
The invitation to join Their Gracious Majesties was part of Sir Anwar’s 90th Birthday celebrations.
By honouring Sir Anwar on his 90th birthday The King has shown his deep appreciation of the significant contribution that the founder of Bestway has made to the British Society over his 60-year career.
Sir Anwar immigrated from Pakistan to the UK in 1956, having worked in various jobs in Bradford, he then moved to London and set up his first retail store in 1963; he founded Bestway in 1976.
Sir Anwar through his business and charitable endeavours has a long history of encouraging entrepreneurship and furthering dynamism specially within marginalised communities of the country.
The Bestway Foundation – the Charitable Trust Sir Anwar founded in 1987 has had a long association of working with Royal Charities – the British Asian Trust (BAT); the Duke of Edinburgh Awards; Pakistan Recovery Fund and the Princes Trust.
To date Bestway Foundation has donated over £44.0 million to charitable causes, schools, universities and hospitals in the UK.
Every year Bestway Group hosts its charity race day at the Royal Ascot, this year’s main beneficiary charity was the British Asian Trust.
The British Asian Trust was founded in 2007 by His Majesty King Charles III. BAT is a diaspora-led international development organisation, delivering high-quality programmes in South Asia and specialises in, and champions the use of, social finance products to drive positive change across the region. The charity seeks to make South Asia that is free from poverty by unlocking the potential of disadvantaged people in South Asia by maximising the impact and support from the South Asian diaspora and beyond.
Concerns over budget must be addressed, uncertainty must end: Zahid Hussain
The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on June 19 that the business community has serious reservations regarding the federal budget which must be addressed.
Many business leaders are unequivocal in their assessment of the budget, terming it as imbalanced, anti-business, and a significant obstacle to growth. This urgent matter requires immediate attention.
Mian Zahid Hussain stated that the budget, as perceived by various trade associations, economic experts, and industrialists, lacks the necessary measures to effectively reduce production costs, boost exports, and promote investment. This deficiency is a cause for serious concern.
Speaking to the business community, the veteran business leader stated that instead of broadening the direct tax base, the government has imposed an additional tax burden of 2,500 billion rupees on those already in the tax net. Increases in electricity, gas, and petroleum levies are expected to raise industrial costs.
He warned that taxes on solar panels and online businesses could dampen economic activities. Furthermore, the continuation of the super tax and other fixed levies has intensified market uncertainty. He urged the government to revise the budget after consultation with the private sector, ensuring a sustainable economic recovery.
Mian Zahid Hussain stressed that achieving the ambitious target of 14,300 billion rupees in tax collection and expanding the economy from its current level of $412 billion to $600 billion requires a balanced and compelling vision. Sacrificing such a vast economy for merely 500 billion rupees in tax enforcement would be a grave mistake.
He emphasized that immediate action must be taken to halt the decline of large-scale industries. Pakistan’s industrial sector is not recovering but continuously deteriorating, which is alarming. The sharp decline in March was primarily due to the poor state of the sugar industry.
In the current season, sugar production stood at 5.78 million tons, almost one million tons less than the previous year, with an expected annual decline of 8 to 9 percent.
Additionally, the sugar, cement, steel, chemicals, and electronics sectors are also experiencing significant downturns. He expressed disappointment that the interest rate has been maintained, which has disheartened the business community.
Mian Zahid Hussain stated that Pakistan’s industrial machinery is not just stagnant but regressing. Key sectors, such as automobiles, textiles, and pharmaceuticals, are experiencing stagnation. Without urgent support for the industrial sector, not only will the current situation worsen, but hopes for future economic revival will also be dashed.
He concluded that affordable electricity and accessible financing are among the most critical needs of the hour. Additionally, a comprehensive industrial policy, improved production facilities, and sustainable growth of export-oriented industries are essential for economic stability.