Despite inflicting heavy losses on the economy by keeping interest rate at a record high, the government and the central bank missed the annual inflation target of 21%, which stood at 23.4% in the just-ended fiscal year. As the unbearable inflation in fiscal year 2023-24, which ended on Sunday, was not enough, people were bracing for another round of inflation from Monday in the shape of increa
The Small and Medium Enterprises Development Authority (Smeda) on Monday unveiled a 10-year cluster-based development plan for growth of the SME sector. Federal Secretary of Industries and Production Dr Fakhar-e-Alam Irfan announced the plan at a ceremony arranged by Smeda to mark the international Micro, Small and Medium Enterprises (MSME) Day. The federal secretary said, “Our nation’s economi
The Punjab Revenue Authority (PRA) has achieved a significant milestone by collecting revenue of over Rs239 billion in financial year 2023-24, up 20% compared with total receipts of Rs200.1 billion last year. The final collection for FY24 is likely to rise further after the settlement of civil accounts, according to a statement issued by the PRA on Monday. “This is a great achievement as it
Gas consumers across the country did not get any relief in the new fiscal year as the Pakistan Muslim League-Nawaz (PML-N) government declined on Monday to pass on cut in the tariff proposed by the Oil and Gas Regulatory Authority (Ogra). The regulator, on the other hand, announced an increase in prices of liquefied petroleum gas (LPG) from July 1, 2024. According to an Ogra notification, domes
Shares at the Pakistan Stock Exchange (PSX) climbed more than 300 points in on Monday on expectations of expectations of a new deal with the International Monetary Fund (IMF). The benchmark KSE-100 index climbed 704.08 points, 0.9 per cent, to stand at 79,149.04 at 11:15am from the previous close of 78,444.96 points. Finally, the index closed at 78,824.33, up by 379.37 or 0.48pc, from the previ