The Policy also aims to strike a balance between industrial growth and tariffs to ensure sustainability for all stakeholders. It would also ensure consumer welfare besides aiming at providing policy consistency and predictability for investors. The Automotive Development Policy (ADP) 2016-21 will be formally launched on Monday, 21 March, 2016.
On the proposal submitted by the Ministry of Petroleum and Natural Resources, ECC allowed 45MMCFD raw gas from M/s OGDCL's Qadirpur Gas Field to be allocated to Ms TNB LPL up to year 2025-26 enabling the plant to continue to provide 211 MW net power to the national grid. The ECC allowed an increase in the limit of the government guarantees for PIA from Rs 146 billion to Rs 151 billion to help the national carrier pay its liabilities. The ECC considered and approved the proposal submitted by Ministry of National Food Security and Research for an extension in the date for export of wheat/wheat flour (aata) till June 15, 2016.
On a proposal submitted by the Federal Board of Revenue (FBR), the ECC approved the levy of 15 percent Additional Regulatory Duty on import of finished iron and steel products till June 30, 2016. ECC also approved the levy of Regulatory Duty @10 percent on aluminum alloy. On another proposal of the Federal Board of Revenue, the ECC gave approval to an extension in the date for reduced withholding tax @ 0.4% for non-filers under section 236p of the Income Tax Ordinance, 2001 up to March, 31 2016. The ECC had a detailed discussion on a proposal concerning RLNG-based IPPs submitted by Ministry of Water and Power. The forum approved an extension in bid submission date for 1000 MW RLNG-based IPPs' initiative till April 15.