Islamabad
\nThe federal government on Saturday introduced the new auto policy, with a special focus on cheaper vehicles and electric vehicles (EVs).
\nInformation Minister Attaullah Tarar and Adviser to the Prime Minister for Industries and Production Haroon Akhtar Khan announced the policy while addressing a press conference in Islamabad.
\nSpeaking to the media, Akhtar said that a lot of work was done in drafting the policy, adding that Prime Minister Shehbaz Sharif had invested a lot of time in this regard.
\nHe said the process of the cabinet\u2019s approval began today, with Tarar saying they wanted to address the speculations before moving on to the approval.
\nHe said that the policy rested on six basic pillars: cheaper vehicles, especially for the middle class and lower middle class; encouraging exports; localisation; vehicle safety; promotion of EVs; and transparency.
\nHe said that the premier had introduced a tariff policy, the purpose of which was to lower the cost of production and the import bill of raw materials.
\n\u201cYou will see that prices of cars will come down \u2026 the manufacturing cost of automakers will come down; these were the prime minister\u2019s specific instructions. The prices of all vehicles, except luxury vehicles, will come down,\u201d Akhtar said.
\nHe explained that prices would come down gradually as the duties for completely built units (CBUs), assembly plants and components would be reduced each year, eventually leading to competitive tariffs after five years.
\nThe PM\u2019s industries aide said localisation had been made mandatory, with targets to be given to manufacturers. He added that a \u201crewards and penalty\u201d system will also be introduced to boost exports, under which exporters will get 5 per cent Duty Drawback on Local Taxes and Levies (DLTL), with an additional 10pc as exports increase.
\n\u201cBut if you do not achieve the targets, a penalty will be imposed as well,\u201d he warned, adding that car manufacturers will not get DLTL unless they achieve the entire export target as well as their local manufacturing target.
\nAkhtar stressed that the government had made the export rebate conditional on the local manufacturing target, noting that PM Shehbaz wanted more jobs to be created in the country through increased plants.
\nSpeaking on vehicle safety, Akhtar said the policy includes 45 additional safety standards in line with the United Nations\u2019 WP.29 code. He contended, \u201cWhen our vehicles will go through these safety codes, they will be considered the world\u2019s safest vehicles \u2014 both manufactured and used.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad The federal government on Saturday introduced the new auto policy, with a special focus on cheaper vehicles and electric vehicles (EVs). Information Minister Attaullah Tarar and Adviser to the Prime Minister for Industries and Production Haroon Akhtar Khan announced the policy while addressing a press conference in Islamabad. Speaking to the media, Akhtar said …<\/p>\n","protected":false},"author":4,"featured_media":105559,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-105544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/105544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=105544"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/105544\/revisions"}],"predecessor-version":[{"id":105572,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/105544\/revisions\/105572"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/105559"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=105544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=105544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=105544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}