Pakistan Foreign Exchange: An apex educational body in Pakistan has come up with a good way to boost employment and reduce expenditure on import of tea in the cash-strapped country, so that the country can get some relief from the import duty of tea. People in Pakistan should encourage drinks like lassi and sattu instead of tea.
Employment will increase with the use of sattu and lassi
In a circular sent to Vice Chancellors of public sector universities, Dr Shaista Sohail, Acting Chairperson of the Higher Education Commission, said that “innovative ways to play a leadership role and provide relief to low-income groups and the economy”. told to think about it.
In the circular, Sohail has suggested to “promote local tea gardens and traditional drinks like lassi and sattu, which will increase employment and also generate income for the public involved in manufacturing these drinks.” The expenditure on import of tea will also come down.”
Decreasing country’s foreign exchange reserves
According to the State Bank of Pakistan, Pakistan is battling with a current account deficit and dwindling foreign exchange reserves, which had come down to US$ 8.2 billion as of June 17.
Efforts to reduce import payments
Earlier this month, Pakistan’s Minister for Planning, Development and Special Initiatives Ahsan Iqbal urged citizens to cut back on tea consumption to help reduce import payments that could dent the country’s dwindling foreign exchange reserves. So to receive.
$ 400 million tea consumed in 2021-22
According to ‘The News International’ newspaper, Iqbal’s appeal came after it was revealed that Pakistan consumed tea worth USD 400 million in the financial year 2021-22. The minister said that Pakistan, one of the largest importers of tea in the world, has to borrow money for its imports.
Curry appeal to drink 1-2 cups less tea
“I appeal to the country to cut tea consumption by 1-2 cups as we import tea on debt,” Iqbal said. The federal budget document showed that Pakistan spent 60 million USD more on tea imports this year than in the previous fiscal.
Will help in reducing the economic crisis
Sohail, however, hopes that his idea will prove to be very helpful in reducing Pakistan’s economic crisis. He said, “I am sure that the Honorable Vice Chancellor will be able to find many other avenues to create employment, reduce imports and ease the economic situation.”
super tax announced
Pakistan Prime Minister Shahbaz Sharif on Friday announced a 10 per cent “super tax” on large-scale industries such as cement, steel and automobiles. He said the move was aimed at tackling rising inflation and saving the cash-starved country from going “bankrupt”. In his address to the nation, the prime minister said even individuals with high net worth would have to pay a “poverty alleviation tax”.
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