Islamabad, July 28, 2021 (PPI-OT): The Pakistan Economy Watch (PEW) on Wednesday said tax relaxations and other incentives by the government have increased car sales to satisfactory levels. The sales of automobiles have increased by almost 56 percent while the volume of auto financing has touched an unprecedented level of Rs308 billion, it said. The low interest rate at seven percent has also increased the interest of masses in buying cars as the policy rate was 13.5 percent a year ago, said Dr. Murtaza Mughal, President PEW.
He said that government should also focus on improvement of public transport which is used by 95 percent of the people. Increased sales of cars will not benefit economy and masses as expected because assembling is preferred over manufacturing in the country, he informed. Dr Murtaza Mughal said that there is not a single unit in the country producing cars without importing spare parts from foreign companies. Some companies have invested so little in the name of manufacturing automobiles that it is insufficient for establishing a bicycle plant.
He said that an increased number of cars means increased accidents, congestion on roads, pollution, and augmented oil import bill while proper public transport will reduce urban pollution, accidents, and oil import bill. Focusing on public transport will also relief masses of the private transport mafia therefore the proposal should be considered seriously, he said.
For more information, contact:
President
Pakistan Economy Watch (PEW)
402, 4th Floor, Gulistan Khan House, Fazal-e-Haq Road,
82-East, Blue Area, Islamabad
Tel: +92-51-2510375
Fax: +92-51-2802449
Cell: +92-321-5157671
Email: president@pakistaneconomywatch.com
Web: www.pakistaneconomywatch.com
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