M P L E D G E S R E S O U R C E , S U P P O R T F O R
R E I G N I N V E S T O R S ‘ L I K E N E V E R B E F O R E ’
to the solidarity of Chinese people their untiring efforts and forwardgoing visions” of the leadership He also highlighted China’s achievements in erasing corruption poverty alleviation and youth empowerment Referring to the ensuing B2B session of the conference, which provides opportunities of unprecedented scale for bilateral companies in ICT, EV, solar, textile, steel, agriculture etc to explore chances of cooperation he urged Pakistani companies to sit down with Chinese counterparts and find out how to attract China s industries to Pakistan Pakistan s mining sector is worth USD 10 trillion, but for now only USD 30 million is availed Today is the moment for you to capture” he said adding that support will be provided like never before for mutual benefit
No
He also extolled China’s commitment to bringing peace to the world Hailing China’s
ban on ‘responsible’ cour t repor ting, IHC assures jour nalists
The IHC had, on May 24, issued notices to Pemra and secretary information after hearing petitions challenging its notifications prohibiting television channels from airing news of court proceedings and directing them to only report on written orders
The notices come after the electronic media watchdog issued two notifications ordering TV channels to not run reporting of court proceedings and for reporters to only report courts written orders’ on May 21
lawyer, Barrister Umer Ijaz Gilani said that the law used by Pemra does not prohibit reporting of pending cases The court called for final arguments at the next hearing, adjourning it until June 11
Following Pemra’s directives PFUJ had moved the IHC against the watchdog s decision requesting IHC to annul the media watchdog s notification banning reporting of judicial proceedings
Imran rejected deal offer, not to leave
FAISALABAD S TA F F R E P O R T
Former president and Pakistan
Tehreek-e-Insaf (PTI) leader Dr Arif Alvi on Wednesday claimed that the incarcerated party founder
Imran Khan is being told to strike a deal and leave the country
Alvi, while talking to journalists in Faisalabad on Wednesday said that Khan rejected the offer and decided not to leave the country at any cost The former president predicted that those who were colluding to sentence the former premier
would face a complete failure
Commenting on dialogue offers, the ex-president said that his party is ready to hold talks with stakeholders but not with the nonstakeholders He asked the stakeholders to let go of hatred and practice compassion He also said that the stakeholders should not be afraid of any kind of risks after the PTI founder ’s release Alvi demanded releasing the former prime minister the supremacy of law in the country and returning the party s mandate Alvi further said that his party
could not hold the incumbent
In par tnership with Profit T h u r s d a y, 6 J u n e , 2 0 2 4 I | 2 8 Z i l - Q a d a h , 1 4 4 5 R s 2 0 0 0 | Vo l X I V N o 3 3 7 I 8 Pa g e s I La h o r e E d i t i o n Replying to FIA notice, Omar Ayub seeks Hamoodur Rehman Commission Repor t ISLAMABAD S TA F F R E P O R T Leader of the Opposition in the National Assembly, Umar Ayub replied to the FIA notice issued following the ‘controversial’ video uploading case on founder PTI Imran Khan s X account asking the agency for a copy of the Hamoodur Rehman Commission report Omar Ayub also announced challenging the issue of the FIA notice in Parliament, which has already been challenged in the Islamabd High Court In his reply Omar Ayub submitted that the defamatory notice was vague dubious and illegal questions The notice is related to the collapse of Dhaka on which the government had constituted a commission The government never rejected the commission report nor denied its contents Hamood-Ur-Rehman Commission is available in Cabinet Division FIA s sole objective is to target PTI leadership for revenge A copy of the Hamud-ur-Rehman Commission report should be given to prepare the answer,” Umar Ayub Federal Investigation Agency (FIA) has issued summons to Pakistan Tehreek-e-Insaf (PTI) top brass on Imran Khan’s controversial X ( formerly Twitter) post over the 1971 debacle Notices have been dispatched to Umar Ayub Barrister Gohar Khan and Raoof Hassan calling them for questioning on Tuesday at 11am The inquiry, spearheaded by the FIA’s Cyber Wing, focuses on the illegal use of PTI founder Imran Khan’s social media account to disseminate a provocative video The video uploaded on May 26 allegedly incited public unrest by addressing the findings of the Hamoodur Rahman Commission Report with a contentious remark: Every Pakistani should study the Hamoodur Rahman Commission Report and get to know who was the true traitor, General Yahya Khan or Sheikh Mujibur Rahman ” P
F
KARACHI S TA F F R E P O R T P RIME Minister Shehbaz Sharif assuring resource availability pledged to provide steadfast support to foreign investors like never before for mutual benefit The Shenzhen speed is remarkable achievement Going back to Pakistan, it s enough for us to learn from”, Premier Shehbaz Sharif stated while speaking at the Pakistan China Business Forum in Shenzhen on Wednesday The prime minister lauded China s developmental achievements as exemplary during his visit to the brotherly country Speaking at the forum, PM Shehbaz stressed the importance of bolstering the relationship between the two nations and fostering increased investment PM Shehbaz declared that Shenzhen s modernization offered Pakistan lessons to replicate and emulate A few decades ago, Shenzhen was a small fishing village, but today, with a population of 17 million people, it has created a GDP of around USD 500 billion” Prime Minister Muhammad Shehbaz Sharif said at the Pakistan China Business Conference held today in Shenzhen according to a report carried by China Economic Net (CEN) on Wednesday Going through the history of China, he attributed China’s dynamic economic advancement
O
role as a friend neighbor and close partner of Pakistan through thick and thin he pledged to spare no effort in protecting the lives of Chinese brothers and sisters in Pakistan He mentioned the establishment of a business council to facilitate investments in Pakistan and reiterated the government’s commitment to providing necessary facilities to foreign investors and businessmen Highlighting Pakistan s abundant resources, the PM underscored the potential for economic growth Regarding security concerns, Sharif expressed condolences over the tragic incident where five Chinese citizens lost their lives to terrorism in Besham He affirmed China s status as a steadfast friend and partner to Pakistan, offering support in times of need be it during conflicts natural disasters, or on global platforms ISLAMABAD M O N I T O R I N G R E P O R T The Supreme Court of Pakistan issued contempt notices to 34 TV channels for airing anti-judiciary press conferences by Senator Faisal Vawda and MQM-P leader Mustafa Kamal A three-member bench led by Chief Justice Qazi Faez Isa heard the contempt case against Kamal and Vawda on Wednesday In May both politicians held press conferences criticizing the judiciary Vawda emphasized the need for evidence before making allegations, while Kamal called for ethical standards for judges The court issued show-cause notices to both leaders and directed Pemra to submit video recordings and transcripts of their press conferences During the hearing Barrister Farogh Naseem representing Kamal requested acceptance of his client s unconditional apology, explaining that Kamal referred to pending usury cases CJP Isa inquired if those cases were before the Federal Shariat Court and expressed dismay at the abusive language used CJP Isa clarified that the notice was about criticism against the judiciary not personal criticism Justice Saadat noted Vawda s explicit targeting of specific judges CJP Isa criticized media channels for broadcasting obscene language and questioned Pemra’s ban on reporting court proceedings The court issued notices to 34 TV channels and instructed them to respond within two weeks also requesting Pemra s response on the reporting ban The SC rejected Kamal s apology and urged his counsel to hold a press conference expressing remorse The bench accepted Vawda s counsel s request to reconsider his reply, adjourning the case until June 28 Vawda requested the court withdraw the contempt notice noting other politicians had made similar remarks without facing consequences He emphasized his respect for the judiciary and pleaded for the withdrawal of the show-cause notice Supreme Cour t summons 34 T V channels for airing Vawda, Kamal’s anti judiciar y speeches SHENZHEN S TA F F R E P O R T Prime Minister Shehbaz Sharif on Wednesday visited the Huawei headquarters here and invited the company to invest in Pakistan s taxation and e-governance sectors besides enhancing its presence in the country s Safe City projects On his arrival at the headquarters, Huawei Chairman Liang Hua welcomed him which followed the playing of national anthems and his visit of the Exhibition Centre The chairman briefed the prime minister about Huawei operations worldwide particularly in Pakistan and expressed keen interest in investing in the country s different sectors He was also briefed about different sectors including e-governance digital banking telecommunication and artificial intelligence Prime Minister Shehbaz who is on a five-day visit to China, appreciated the innovative operations of Huawei and urged the company to increase its investment in Pakistan The prime minister who later held a bilateral meeting with Chairman Liang Hua along with his delegation, appreciated the Safe City projects executed by Huawei in Pakistan and invited the company to invest in the projects particularly in the cities where the China–Pakistan Economic Corridor (CPEC) projects were being executed – invites Huawei to invest in Pakistan’s safe city, taxation, e-gover nance sectors g EXTOLLS CHINA’S COMMITMENT TO BRINGING PEACE TO WORLD, A S A FRIEND, AND CLOSE PARTNER OF PAKISTAN g VOWS HEIGHTENED SECURITY FOR CHINESE CITIZENS WORKING IN PAKISTAN, PROMISING TO PRIORITIZE THEIR SAFETY ISLAMABAD S TA F F R E P O R T The Islamabad High Court (IHC) Wednesday assured journalists that there was no ban on court reporting but irresponsible court reporting T h e c o u r t ’s r e m a r k s c a m e d u r i n g t h e h e a r i n g o f p e t i t i o n s c h a l l e n g i n g P a k i s t a n E l e c t r o n i c M e d i a R e g u l a t o r y A u t h o r i t y s ( P e m r a ) r e s t r i c t i o n s o n a i r i n g o f c o u r t p r o c e e d i n g s o n n e w s c h a n n e l s During the hearing of pleas filed by Press Association and Pakistan Federal Union of Journalists (PFUJ) IHC Chief Justice Aamer Farooq said: There is no ban on court reporting The media can report
ban is in fact
irresponsible
The
only
running sensa-
pet i t i o n , P e m r a f i l e d i t s r e p l y i n t h e c o u r t Meanwhile the additional at-
general was asked by the court if the federal government was involved in this matter This is Pemra s matter, not the federal government s, he responded
of the petitioner ’s
the court proceedings The chief justice, however, maintained that the
on
reporting
problem is
with
tional tickers said Justice Farooq During the hearing of the
torney
One
rulers who were as much “powerless” as they came into power via “Form 47” and didn’t have “authority to make decisions Yesterday he said that his party would hold dialogue with the one who has real power to make decisions He
remarked this while responding to a question about the impression that the incarcerated ousted PM who was removed from power via a parliamentary vote in April 2022 was not in favour of holding dialogue with his political opponents to bring stability to the country
countr y at any cost: Dr Alvi ISLAMABAD M A R I A M Z E R M I N A Indian Prime Minister Narendra Modi is expected to be sworn-in for a record-equalling third term on June 8 after key allies pledged their continued support a day after a humbling election verdict that saw his party lose its majority in parliament Modi, a populist who has dominated Indian politics since coming to power in 2014 will for the first time need the support of regional allies whose loyalties have wavered over the years which could complicate the government s reform agenda On Wednesday, Modi s Hindu-nationalist Bharatiya Janata Party (BJP) agreed with coalition allies to form a government “We all unanimously choose respected National Democratic Alliance (NDA) leader Narendra Modi as our leader the BJP-issued alliance statement read The NDA government under the leadership of Modi is committed to serving the poor, women, youth, farmers and exploited, deprived and oppressed citizens of India ” Earlier in the day two allies in his NDA coalition the Telugu Desam Party a key regional player in the southern state of Andhra Pradesh, and the Janata Dal (United) which rules the northern state of Bihar, had pledged their support “We are with the NDA, I will be attending the meeting in Delhi today ” Chandrababu Naidu the leader of the TDP told reporters referring to a meeting of the BJP-led alliance scheduled to take place later in the day The federal cabinet met on Wednesday morning and recommended the dissolution of parliament, a constitutional formality before Modi can form a new government Modi and his new cabinet were scheduled to be swornin on Saturday local media reported The NDA won 293 seats in the 543member lower house of parliament, more than the 272 needed to form a government Modi’s BJP won 240 seats on its own, a weakened verdict which could slow India s fiscal tightening, ratings agency Moody’s said The TDP won 16 seats and other allies won the rest of the NDA total The opposition INDIA alliance led by Rahul Gandhi s centrist Congress party won 230 seats, more than forecast Congress alone won 99 almost double the 52 it won in 2019 a surprise jump that is expected to boost Gandhi s standing The weakened majority for Modi s alliance could pose challenges for the more ambitious elements of the government s reform agenda, ratings agency Fitch said However it added: “Despite the slimmer majority we do expect broad policy continuity to persist with the government retaining its focus on its capex push ease of doing business measures, and gradual fiscal consolidation The election outcome unnerved investors, with stocks falling steeply on Tuesday, since Modi would have to depend on disparate regional parties whose political loyalties have wavered over the years Rural setbacks With the party losing most ground in rural areas, investors say land and labour reforms, that had been expected to unlock value and growth, will probably fall by the wayside Newspapers said Modi’s halo had dimmed with the Indian Express’s banner headline reading “India gives NDA a third term Modi a message Modi s own victory in his seat of Varanasi, considered one of the holiest cities for Hindus, was subdued, with his margin of victory down from nearly 500,000 votes at the last general election in 2019 to a little over 150 000 But this reduced victory may not necessarily mean reform paralysis the chairman of a government finance panel Arvind Panagariya, said in an editorial in the Economic Times newspaper “Despite the reduced majority in parliament, the necessary reforms are entirely feasible Delivering sustained growth at [an] accelerated pace can only strengthen the government s hand in the coming years he said The INDIA alliance was also expected to meet on Wednesday in New Delhi, and discuss a future course of action PM Modi set to take oath for 3rd time on June 8 as allies pledge suppor t C O N T I N U E D O N PA G E 03 C O N T I N U E D O N PA G E 03
SCCI SUGGESTS PREPARATION OF FISCAL BUDGET JOINTLY BY FPCCI,
ICAP, CHAMBERS AND ARMY ECONOMIC
WING
Cigarette taxes cause more revenue loss than gain
The report emphasizes the importance of comprehensive enforcement broader tax base expansion and public awareness to mitigate the adverse effects of illicit trade on Pakistan s economy It details significant revenue losses due to a shift from legitimate to illicit cigarette consumption following tax hikes
A primary survey conducted as part of the study found that approximately 42% of cigarette sales were of duty-paid
PR OFIT B y M o N i to r N g D e s k The Federal Board of Revenue (FBR) has uncovered a network of tax fraudsters involved in issuing fake sales tax invoices, resulting in a loss of Rs21 69 billion to the national exchequer Dawn reported that the FBR’s Directorate of Intelligence and Investigation Karachi and Hyderabad filed FIRs against Rehman Enterprises for tax fraud of Rs10 billion and ZA Impex for Rs11 69 billion under the Sales Tax Act 1990 The tax fraud was committed in the supply c h a i n o f R e h m a n E n t e r p r i s e s a n d 1 2 o t h e r accused persons, including a so-called director of Top End Metal Industries, were nominated in the FIR The physical verification of Top End Metal confirmed that the unit is unavailable at its declared address The records and data of Top End Metal and other companies allegedly involved in the illegal activity of fake sales tax invoices were retrieved Data found in laptops recovered during the search indicates that a large number of paper-based firms involved in fake invoices are actively operating from the said premises It was discovered that organised groups were involved in creating fake units and issuing fraudulent sales tax invoices Subsequently, the Financial Monitoring Unit (FMU) confirmed the scam by issuing detailed Financial Intelligence (FI) reports The FMU stated that fake units were established and registered in the names of low-paid employees According to the FBR report, Gulraiz Ahmed Raza is the main person leading the organized groups Ahmed is a former employee of the FBR sales tax department He was first suspended on corruption charges and was later dismissed from service on Jan 7 2022 The FBR competent authority also turned down his departmental appeal An official announcement by the FBR stated that to delay the proceedings and influence the inquiry, the accused lodged many complaints against the officers of the Directorate General of I&I-IR on various forums Recently a private complaint was filed in the court of Special Judge Central-I Lahore levelling allegations against the DG I&I-IR and other officers, which the Lahore High Court suspended on June 3 The statement said the FBR and its field formations are committed to apprehending and prosecuting individuals involved in tax-related fraudulent activities By holding the fraudsters accountable billions of rupees in revenue will be safeguarded fostering a fair environment for genuine taxpayers PR OFIT M o N to r i N g D e s k The National Electric Power Regulatory Authority (NEPRA) has notified an increase in electricity rates by up to Rs3 76 per unit as part of a quarterly adjustment In accordance with SubSection 7 of Section 31 of the Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997, NEPRA notified its complete decision regarding the periodic tariff adjustment for the third quarter of FY 2023-24 already communicated to the Ministry of Energy on May 31 2024 This adjustment permits power companies to recover over Rs46 billion from consumers for the third quarter of FY 2023-24 over three months from June 2024 to August 2024 Of this amount, Rs28 515 billion will be charged as capacity charges to independent power plants (IPPs) that have not produced any electricity and have remained idle Rs10 284 billion will charged for less FCA impact of T&D losses, Rs5 309 billion for O&M, and Rs2 541 billion for system use charges The QTA will be reflected in electricity bills for July, August and September 2024 These costs stem from past governmental agreements to install numerous power plants with guarantees to purchase the electricity produced Thursday 6 June 2024 | LAHORE 02 nEws PESHAWAR A z i z B u N e r P RESIDENT Sarhad Chamber of Commerce and Industry Fuad Ishaq suggested Federation of Pakistan Chambers of Industry (FPCCI) chambers Institute of Chartered Accountants of Pakistan and economic wing of Army should jointly prepare the fiscal budget The SCCI said the budget is a reflection of people s aspiration and the budget shouldn’t be jugular of words but it must be aggressive progressive and as per economic business trade and industries situation along with expectations and wishes of people Faiq demanded bringing tax to single digit by reviewing the current custom, sale, and income tax system He called for making a public report of IPPs which had been presented in the Senate of Pakistan All constitutional rights on gas, electricity and other natural resources should be ensured Khyber Pakhtunkhwa to flourish business trade and industry in the province and create employment opportunities to youth, the SCCI chief stressed while speaking during a inland visit of 35th Senior Management Course Officers of National Institute of Management Islamabad here at the chamber house on Wednesday The delegation was headed by Directing Staff NIM Lahore Dr Muhammad Farooq On the occasion, the chamber senior vice president Sanaullah Khan, vice president Ejaz Khan Afridi executive members of the SCCI Monawar Khurshid Qurat Ul Ain former presidents Zulfiqar Ali Khan and Faiz Muhammad, Saddar Gul, Fazal e Wahid, members of business community present in meeting Abundant of natural resources available in KP despite that this province is lagging behind in race of progress with other province Mr Ishaq said adding that owing the front line province in terrorism, business community of this province has confronted with severe hardships and continued their business, trade and industry by rendering matchless sacrifices which is highly laudable He expressed concern over putting KP in the RLNG basket despite surplus production of gas Similarly, he said KP is producing low cost and surplus despite charging equal electricity tariffs with major provinces which is completely unfair and unjust The chamber president informed KP oil production of 31,000/per day which is 42 percent of the total production of the country therefore he demanded establishment of an oil refinery in the province He said owing to the prevailing scenario, more than 400 to 600 units have shut in the province Fuad mentioned Pak-Afghan bilateral trade has dropped at $ 500800million which had touched $3billion in 2012-13 blaming inconsistent policies for declining the mutual trade volume He added that the vacuum between documented and undocumented trade is widening The SCCI chief expressed anguish that commercial bank deposits have surged at 15-16 percent in KP against the lending ratio of less than one per cent Fuad Ishaq called for the provision of benefits under the One Belt One Road Initiative of China He demanded that the army should take over Pesco and SNGPL as their line losses have touched Rs 102 Billion and 47 percent respectively
PR OFIT N e w s D e s k
study by the Lahore
Management Sciences
current tax policies,
duty
adjustments,
revenue loss
revenue gain
A
University of
(LUMS) has highlighted the detrimental impact of
particularly the federal excise
(FED)
on Pakistan’s cigarette industry, causing more
than
profoundly affected
cigarette industry, underscoring the need for a balanced
effective tax policy to combat tax evasion and create a level playing field
all manufacturers
The study “Impact of Taxation on the Cigarette Sector in Pakistan led by LUMS Associate Professor of Economics Kashif Zaheer Malik calls for immediate government attention to address the issue It reveals that frequent and substantial increases in FED have
the
and
for
brands while 58% comprised illicit brands, including locally manufactured tax-evaded
smuggled products This indicates potential tax evasion amounting to Rs300 billion, presenting a substantial challenge to tax enforcement
resulting in a decline in their volumes In contrast, illicit cigarettes continue to thrive in the market due to lower prices and lax enforcement measures The government has implemented various initiatives to bring more companies and the illicit sector under the tax net but these efforts have not successfully reduced illicit trade, Malik said According to the LUMS report, the success of initiatives like the track and trace system depends on a comprehensive rollout across all industries and a unified consistent enforcement campaign Malik suggests that a comprehensive approach, combined with the government s focus on expanding the tax base, could potentially reduce the prevalence of illicit trade and tax evasion The report concludes that given the high price sensitivity in the Pakistani market and the widespread availability of illicit brands, existing excise duty tiers must be reconsidered and re-evaluated to recover lost tax revenue It recommends a balanced approach to taxation to address the challenges of tax evasion and support the legitimate cigarette industry
and
The study notes that legitimate companies have borne the brunt of increased excise duty rates over the past two years,
Rupee strengthens amid falling oil prices PR OFIT N e w s D e s k The Pakistani rupee got appreciated by Rs0 06, closing at Rs278 30 against the US dollar in the inter-bank market, on Tuesday This improvement came on the heels of a significant decline in global oil prices which reduced the demand for dollars needed for energy imports According to data from the State Bank of Pakistan (SBP) the rupee had closed at Rs278 36 against the dollar on Monday The drop in oil prices was substantial, with Brent crude falling 3 4% to $78 33 per barrel and the US crude oil benchmark decreasing by 3 7% to $74 17 per barrel in international markets Energy imports constitute more than one-fourth of Pakistan s total imports amounting to nearly $52 billion in the current fiscal year This high dependency underscores how fluctuations in energy prices directly impact the country’s economic activities Additional support for the rupee came from a significant increase in exports which reached a three-year high of $2 8 billion in May 2024 This surge in exports increased the supply of foreign currency potentially leading to a current account surplus for the month, thus easing pressure on the rupee This scenario prompted exporters to sell their dollar proceeds on future counters to avoid losses from potential further appreciation of the rupee Despite these fluctuations the currency has remained relatively stable fluctuating within the range of Rs278278 50 per dollar over the past several weeks Meanwhile, the Exchange Companies Association of Pakistan reported a slight depreciation of Rs0 05 in the open market, with the local currency settling at Rs278 59 per dollar g S C C I s a i d b u d g e t i s a r e f l e c t i o n o f p e o p l e ' s a s p i r a t i o n g C o n s u m e r s t o b e a r b u r d e n o f o v e r R s 4 6 b d u e t o q u a r t e r l y a d j u s t m e n t s o f w h i c h R s 2 8 5 1 5 b w i l l b e c h a r g e d a s c a p a c i t y c h a r g e s t o I P P s FBR uncovers Rs21.69b sales tax fraud network Ir fan Saleem Awan to lead Bank of Khyber as Acting MD PR OFIT N e w s D e s k The Bank of Khyber (BOK) has announced the appointment of Mr Irfan Saleem Awan as the Acting Managing Director In a formal communication through a notice to the Pakistan Stock Exchange (PSX), the BOK’s Company Secretary, Sara Shah, confirmed the appointment on Wednesday The decision follows clearance from the State Bank of Pakistan (SBP) Mr Awan who currently holds the position of Senior Executive Vice President and Chief Financial Officer will assume the additional responsibilities of Acting Managing Director Mr Awan is a fellow member of the Institute of Chartered Accountants of Pakistan and a Certified Director of the Pakistan Institute of Corporate Governance Awan holds an Advanced Certificate in AAOIFI Shariah Standards from IBACEIF Karachi His career began with CA training at Ernst and Young Pakistan followed by roles in several financial institutions, including Prime Commercial Bank Limited, Askari Commercial Bank Limited, and Summit Bank Limited, where he served as CFO and Head of Risk Management He joined the Bank of Khyber as CFO and EVP in February 2021 and was promoted to SEVP in 2023 The top slot of the BOK has been vacant since November 2023 when the former managing director Ali Gulfraz was ousted by the government after a months-long tussle with board members Read This: What in the world is happening at the Bank of Khyber? The process of the search for a suitable MD encountered delays due to restrictions imposed by the Election Commission of Pakistan (ECP) Despite the governmental restrictions on appointments across various sectors Chief Minister Ali Amin Gandapur spearheaded the selection process for the new MD bypassing constraints imposed by the Khyber Pakhtunkhwa Public Service Commission (KPPSC) In March, Profit reported that three potential candidates were shortlisted for the vacant position of managing director at the Bank of Khyber Advertisements for four other senior positions, including Chief Risk Officer Group Head of Operations and Support Chief Compliance Officer and Islamic Group Head had also been released It is important to note here that the Bank of Khyber like other provincial banks is majority owned by the KP government which holds the majority shares at 70 2% while Ismail Industries Limited holds 24 4% BoK is one of the three Provincial Public Sector Commercial Banks in the country PR OFIT N e w s D e s k The exports of services during the first ten months (July-April) of the current financial year 2023-24 increased by 1 18% as compared to the exports of the corresponding period of the last year According to the data of the Pakistan Bureau of Statistics (PBS), During July-April 2023-24, exports of services were recorded at $6 441 billion as against the exports of $6 366 billion during the same period of last year During the period under review the services i m p o r t s i n t o t h e c o u n t r y g r e w b y 2 0 7 7 % a n d i t w a s r e g i s t e r e d a t $ 8 3 4 7 b i l l i o n a s c o m p a r e d t o t h e i m p o r t o f $ 6 9 1 2 b i l l i o n i n t h e s a m e p e r i o d l a s t y e a r On a year-on-year basis, the services exports from the country grew by 16 59% in April 2024 as compared to the exports of the same month of last year In April 2024 services valued at $646 03 million were exported as compared to exports of $554 10 million in the same month of last year The imports of services into the country also surged by 14 85% during the period under review as it was recorded at $833 03 million against $725 34 On a month-on-month basis the services exports decreased by 7 57% and imports by 2 22% respectively in April 2024 as compared to March 2024 During April 2024, the services exports were recorded at $646 03 million as compared to the exports of $698 92 million of the previous month, whereas imports were registered at $833 03 million as compared to the imports of $851 90 billion of last month Pa ki s t a n’s s e r v i c e s ex p o r t s re c o rd $ 6 . 4 4 b i n 1 0 M F Y 2 0 2 4 Electricity rate hike of Rs3.76 per unit notified g S t u d y h i g h l i g h t s r e v e n u e l o s s e s d u e t o c u r r e n t t a x p o l i c i e s i n P a k i s t a n ' s c i g a r e t t e i n d u s t r y g R u p e e h a d c l o s e d a t R s 2 7 8 3 6 a g a i n s t d o l l a r o n M o n d a y CP approves merger of IBP with NIBAF PR OFIT N e w s D e s k The Competition Commission of Pakistan (CCP) has approved a Scheme of Arrangement for the merger of M/s Institute of Bankers Pakistan (IBP) with M/s National Institute of Banking and Finance Pakistan (NIBAF) According to a press release issued by the CCP the phase-I competition assessment by the CCP identified Testing & Recruitment Service , and Training Service – Banking and Finance ‘ as the relevant product market It added that the assessment further revealed that post-transaction all the assets and liabilities of IBP will be transferred to NIBAF Pakistan As IBP is a not-for-profit company, therefore, no consideration will be paid in lieu of the transfer Furthermore, IBP will cease to exist leaving NIBAF as the surviving entity in the relevant market g T a x b o d y ’ s e x - e m p l o y e e e m e r g e s a s m a i n c u l p r i t, F I R s f i l e d a g a i n s t R e h m a n E n t e r p r i s e s f o r f r a u d o f R s 1 0 b a n d Z A I m p e x f o r R s 1 1 6 9 b g S e r v i c e s i m p o r t s g r o w b y 2 0 7 7 % t o $ 8 3 4 7 b i l l i o n f r o m J u l y t o A p r i l F Y 2 0 2 3 - 2 4 g Merger signifies a strategic consolidation aimed for at improved banking educational facilities
PRESIDENT Z ARDARI PROPOSES ‘TECH HIGHWAYS’ TO ENHANCE PAKISTAN’S TECH L ANDSCAPE’
PM invites Huawei to invest in Pakistan’s safe cit y, taxation, e-governance sectors
SBP Governor chairs implementation meeting of PBA’s Priority S ec tors Initiatives
of Pakistan (SBP), Jameel Ahmed chaired the
Committee Meeting for the
of
the company would impart free of charge training to around 200,000 youngsters in information technology including artificial intelligence Besides the company would also extend its support to Pakistan in the establishment of Safe Cities, e-governance and digitisation of the economy The company chairman also hosted a luncheon reception for the prime minister and his delegation After visiting the Huawei headquarters the prime minister took to X saying, I was impressed by the latest innovative technologies that are changing the world and the way we live ” In the meeting they discussed how Huawei and Pakistan could collaborate to build a better and digital future together The prime minister also reiterated his commitment to advancing an innovative, inclusive and sustainable digital transformation for Pakistan PM directs to replicate model Nanshan one-stop centre in Pakistan Meanwhile PM Shehbaz Sharif on Wednesday visited the Nanshan One-Stop Service Center and Shenzhen Exhibition Museum and directed his ministers to immediately coordinate with the Center to replicate a similar modern system in Pakistan On his arrival at the Center the prime minister was received by Member of Party Leadership Government of Shenzhen Nanshan District Peoples Government and Deputy Mayor Li Zhinha He was briefed about the digital system established at the Center to register companies and carry out other processes under one roof He lauded the modern systems developed at the Nanshan One-Stop Services for the registration of companies and businesses The prime minister instructed Minister of State for Information Technology Shaza Fatima Khawaja and Secretary IT and other relevant authorities to hold discussions with the Center to establish an identical modern system in Pakistan He also directed the relevant
recommended by the Pakistan Banks Association (PBA) The meeting focused on enhancing support from the banking industry in three key sectors of Agriculture, Small and Medium Enterprises (SMEs) and Digital & Technology in Pakistan The meeting was in continuation of an earlier discussion chaired by the Federal Minister for Finance & Revenue, Muhammad Aurangzeb last month, where he urged the banking sector to extend its full support to the government in operationalizing its strategic economic priorities pertaining to
these sectors Governor SBP said “Our goal is to create a robust economic environment where businesses of all sizes can prosper These measures are designed to stimulate growth, encourage innovation, and support sustainable development We are committed to ensuring that our financial system provides the necessary support to drive economic recovery and long-term prosperity The strategic measures are currently being implemented with the support of the PBA’s dedicated task forces and in close consultation with the SBP and the Ministry of Finance Once implemented these measures will result in sustained increase in financing to the priority sectors
Zafar Masud, Chairman - PBA stated, “These measures, initiated by the banking sector as desired by the
Finance Minister, come at a crucial time when businesses and consumers alike are seeking stability and growth opportunities By targeting these essential sectors the Central Bank and the Ministry of Finance are laying the groundwork for a resilient and dynamic economy going into the future ” The meeting was attended by Saleemullah Deputy GovernorSBP Syed Irfan Ali Executive Director (Financial Inclusion Group) - SBP, Sheharyar Sultan, Additional Secretary - Ministry of Finance, and the PBA Steering Committee comprising of Zafar Masud Chairman - PBA Irfan Siddiqui President & CEO Meezan Bank Ltd Yousaf Hussain, Senior Vice ChairmanPBA, and Ahmed Bozai, Vice Chairman – PBA Other senior officials from the SBP and PBA were also present at the meeting
ADB’s $250m loan to help Pakistan drive sustainable investments in infrastruc ture, ser vices
The Asian Development Bank (ADB) has approved a $250 million policy-based loan to help Pakistan drive sustainable investments in infrastructure and services through the public–private partnerships (PPPs) ADB s Promoting Sustainable Public–Private Partnerships Program supports the implementation of government policies to create an enabling environment for fiscally affordable PPPs and promote inclusive economic growth according to a press release received here This program is part of our comprehensive and integrated package of public sector management support that balances the country s fiscal consolidation and growth objectives said ADB Director General for Central and West Asia Yevgeniy Zhukov The program will help the Government of Pakistan create an environment that is conducive to strategic fiscally affordable PPPs that will bring the country closer to its development goals, Zhukov said ADB s program supports reforms that will increase the absorptive capacity of PPP infrastructure investments by creating a more robust and integrated legal and institutional framework for public investment management and public financial management for PPPs According to the press release, the program supports the implementation of an integrated PPP policy The reforms will facilitate efficient infrastructure planning and promote sustainable development practices in infrastructure projects, such as climate risk screening and gender considerations in project feasibility assessments and PPP contracts Mobilizing private finance
s
Coinciding
LAHORE
tA f f r e P o r t
the International Day of Innocent Children Victims of Aggression 2024 (June 4),
minor children of Pakistan, have presented their protest notes, written with their own blood, to different international platforms including the UN, in an attempt to wake up the collective conscience of the world towards the voice of the voiceless in Palestine
elsewhere in the world
to a press release, issued by a spokesperson for UN-KAKHTAH in Pakistan Dr FM Bhatti on Wednesday, the symbolic note titled ‘A Voice for the Voiceless’ written by ten-and-a-half years old Ubaydah al-Fiddhah Hafiah and her 12-year-old brother Ghulam Bishar Hafi written with their blood, has been conceived as a clarion call, which is destined to ignite a chain of re-sensitizing sequels to knock at the doors of the UN and the global hierarchies to turn their heads and ears to the screams of the innocent children all over the globe It is an undeniable reality that innocent children are the most vulnerable, who become the softest-and-easiest objects of prey in situations of aggression,” adds the release It says that the protest note is, in fact, an open letter to the international authorities and at the same time a wake-up call to the collective conscience of the world to come up with a resolute and unwavering commitment to save the children from NeoHitlerian tactics that are continuously being employed in the wars or the war-like situations of aggression Every year the International Day of Innocent Children Victims of Aggression is observed on June 4 to raise awareness about the innocent children, who went through terrorising experiences in their lives, and what the world could do to uphold the rights of children and the victims of aggression As far the history of the day is concerned on August 19 1982 the UN General Assembly s special session focused on the plight that Palestinian and Lebanese children faced due to armed aggression during the Lebanon war The assembly pledged to protect the rights of the children in Lebanon The UN General Assembly announced that every year the International Day of Innocent Children Victims of Aggression will be observed on June 4 Soon after the United Nations expanded their scope to work for the rights of children all over the world It is an agonising reality that every day, children living in war zones across the globe are facing unspeakable horrors either in Palestinian region Ukraine Myanmar Indian-occupied Kashmir or other countries They are not safe sleeping in their homes or playing outside, learning in school or seeking medical care at hospitals “From killing and maiming, abduction and sexual violence to attacks on education and health facilities and the denial of the humanitarian assistance that they desperately need children are being caught in the crosshairs of warring parties at a staggering scale, wrote the United Nations on its official website To write something with one’s own blood is the terminal symbolic expression and a confession that I or we have been failed to do what was the imperative requisite of the situation or, at least, the moral obligation that we could have even considered of, sufficiently, seriously and judiciously !” The initiative taken by Pakistani children Ubaydah al-Fiddhah Hafiah and Ghulam Bishar Hafi with the help of their father Prof Dr Aurangzeb Hafi is a wellthought-out effort to draw the world attention to the plight of children victims of aggression across the world and especially different war zones including Gaza Ukraine held Kashmir and Myanmar ISLAMABAD i N P P RESIDENT Asif Ali Zardari on Wednesday emphasized upon the need of building technology highways in the country by enhancing students access to IT infrastructure, strengthening of educational programmes and equipping them with modern skills to help them fully benefit from the knowledge economy T h e p r e s i d e n t e x p r e s s e d t h e s e v i e w s while talking to Professor Dr Niaz Ahmad Akhtar, Vice Chancellor of Quaid-i-Azam University (QAU) Islamabad, who called o n h i m , a t A i w a n - e - S a d r, P r e s i d e n t S e c r e t a r i a t P r e s s Wi n g s a i d i n a p r e s s release The vice chancellor briefed the president about the role of QAU in providing quality education, its educational programmes, and other administrative affairs Talking to the vice chancellor, the president said that Pakistan was blessed with abundant human resources, which needed to be converted into a strength by imparting the latest education and skills to them He said that providing laptops to students would increase their access to education, bridge the digital divide, and equip them with technology skills to help them compete in the national and international job markets He highlighted that Pakistan required to train and educate its human resources that could be exported to foreign countries facing a shortage of trained professionals so as to help Pakistan earn foreign exchange The president said that universities were pivotal in producing skilled professionals, who could fulfil local and international market needs He also underlined the need to focus on producing more professionals such as doctors, engineers, nurses, and teachers During the meeting, the vice chancellor informed that QAU was one of the topranking universities in Pakistan and was ranked at 315th position globally He apprised that the QAU was focusing on research that could have a positive impact on society, adding that digitalization was the top priority of the university The president urged to further improve the quality of education, besides focusing on the character-building of students adding that top position holders of QAU should be given Presidential Awards with cash to encourage them in their studies The president appreciated the role of Q A U i n P a k i s t a n s a c a d e m i c s e c t o r a n d assured the vice chancellor of his support i n r e s o l v i n g t h e f i n a n c i a l i s s u e s o f t h e u n i v e r s i t y b y t a k i n g i t u p a t t h e appropriate forum 03 nEws Th rsday 6 J ne 2024 LAHORE
with
two
and
According
with blood-written protest notes, t wo Pak istani k ids raise ‘voice for voiceless’ T wo exam papers leaked on four th day of intermediate exams in Sindh KARACHI: Despite the fact that intermediate examinations in Sindh are now into their fourth day the concerned education boards have failed to control incidents of paper leakage, raising questions over the utility of the exercise The paper of Mathematics was leaked at examination centers in Karachi before its start on Wednesday and spread on social media groups like wildfire exposing the claims made by the administration that it had made foolproof arrangements to ensure that incidents of paper leakage could be prevented i N P KARACHI s tA f f r e P o r t
The Governor State Bank
first Steering
implementation
priority sectors initiatives
PR OFIT A P P
adding the program would help ensure
in Pakistan were
to support
identification capacity
over
energy
security transport
through PPPs can help to bridge the financing gap in public sector infrastructure projects which is vital said ADB Economist Sana Masood
PPPs
structured correctly and implemented effectively in order to deliver more efficiency, innovation, and value for money A $700 000 technical assistance grant is financing the program s preparation and implementation In December 2023, an additional $950,000 was approved by ADB
PPP pipeline
building and sector strategy development Since 1966 ADB has committed
$52 billion in public and private sector loans, grants, and other forms of financing to promote inclusive economic growth in Pakistan and improve the country’s infrastructure
and food
networks and social services
g S t u d y h i g h l i g h t s r e v e n u e l o s s e s d u e t o c u r r e n t t a x p o l i c i e s i n P a k i s t a n ' s c i g a r e t t e i n d u s t r y
in the taxation system egovernance and artificial intelligence He also invited the Huawei chairman to invest in the introduction of modern technology in the agriculture sector and also invited the Huawei chairman to visit Pakistan Later the prime minister also attended the signing ceremony of a framework agreement between Huawei and Pakistan s Ministry of Science
Technology under which
authorities to take necessary measures to establish a similar system in the country with Chinese cooperation He also instructed the authorities concerned to introduce a similar modern and swift system in Pakistan to provide basic facilities to the common citizens as well The prime minister visited Shenzhen Exhibition Museum where he was briefed about the development journey of the Shenzhen city He took a round of different sections of the museum and appreciated the city’s transformation within a short period PM pledges resource, suppor t for foreign investors ‘like never before’ CONTINUED FROM PAGE 01 The PM assured heightened security measures for Chinese citizens working in Pakistan promising to prioritize their safety During a meeting with Zhu Zhaojiang, founder and chairman of Transsion Holdings, the premier welcomed the company s interest in expanding investments in Pakistan’s mobile manufacturing sector and exploring opportunities in electric bikes modern agriculture and fintech Shehbaz Sharif directed relevant authorities to collaborate with Transsion Holdings to devise an action plan Finance Minister Muhammad Aurangzeb addressed the issue of inflation, stating that government measures have led to positive economic indicators, including a reduction in the current account deficit Foreign Minister and Deputy Prime Minister Ishaq Dar emphasized Pakistan s investment potential particularly in IT and mineral resources while Pakistani Ambassador to China Khalil Hashmi highlighted Shenzhen s progress as a model for cooperation between the two nations Rainfall brings drop in mercur y after prolonged heatwave ISLAMABAD i N P The rainfall and gusty winds in Islamabad and other districts brought relief and drop in temperatures after a scorching heat spell Showers in Abbottabad Nathiagali Ayubia and Thandiani turned the weather pleasant Peshawar and outskirts also received light rainfall with strong winds resulting in drop in the mercury, which provided relief to citizens from a prolonged hot weather spell The rainfall also reported in Mansehra Malakand Buner Lower Dir and Battagram districts PMD had forecast rainfall in the country from June 04 to 08th A shallow westerly wave likely to enter in upper and central parts of the country by Tuesday evening or night and remain active until June 08, PMD said Under the influence of this weather system rain-wind/thunderstorm is expected in Gilgit-Baltistan and Kashmir from June 03 to June 08 in Khyber Pakhtunkhwa dust/thunderstorm with rain in several districts from June 04 to June 08 In Punjab and federal capital Islamabad, dust storm/thunderstorm with rain is expected from June 04-06, while in Bahawalpur
CONTINUED FROM PAGE 01 He apprised the company chairman of the steps taken by the government for the promotion of investment and ease of doing business in the country The prime minister, highlighting the government s priority measures for digitisation of government offices, said there existed immense investment potential for giants like Huawei
and
S u r vival H idde n in J u stice …
n g p r i m e m
“INJUSTICE anywhere is a threat to justice everywhere, once said the Rev Martin Luther Jr If we apply it in Pakistan by emphasizing the interconnection of justice and human rights when injustice occurs in any part of Pakistan it undermines the overall integrity and fairness of the nation s legal and social systems
Similarly, during World War II, when the German air force was wreaking havoc over London with its incessant bombing attacks, the British Prime Minister Winston Churchill took cognizance of the heavy casualties and economic devastation He asked “Are the courts functioning? When told that the judges were dispensing justice as usual Churchill replied Thank God If the courts are working nothing can go wrong Can we apply the same principle to Pakistan s Courts to know whether we are moving in the right direction to heal up our internal crises? Although we are not at the edge of war Pakistan is suffering a bundle of crises
There is absolutely no other institution which describes the solution of these problems which arrested Pakistan in a big trouble; whether to first resolve economic issues or look at political unrest or manage to handle the load shedding issue or the price hike, as other culminating issues too are seeking the instant indulgence of our governments which is looking helpless
There have been various instances and allegations over the years where the Pakistani government
Although Pakistan is a Muslim State and there is no other way of thinking, either we have to follow the Qur'an and its excellent legal system to make our life easy and prosper, or you blindly follow systems borrowed here and there, but one thing is very simple to understand that if the Courts are functioning and delivering real and instant and inexpensive justice then nothing can go wrong nor is it required to make institutions of handling out charity Flaws in the
has been accused of ignoring or undermining justice such as by political interference in the judiciary, and there have been numerous accusations of political interference in judicial processes Governments in Pakistan have been accused of influencing judicial appointments transfers and decisions to serve political interests This undermines the independence of the judiciary and erodes public trust in the legal system Similarly delayed justice: the judicial system in Pakistan is plagued by severe delays due to an overloaded court system inadequate infrastructure and procedural inefficiencies Many cases take years even decades to be resolved which denies timely justice to the citizens
Human rights violations are an open secret amd there have been consistent reports of human rights abuses, including enforced disappearances, extrajudicial killings, and torture by state agencies These acts are often carried out with impunity and there is little accountability for the perpetrators The real hub of every problem is corruption within the legal and law enforcement systems is a significant issue Bribery, nepotism, and favoritism can influence legal outcomes, which means justice is often available only to those who can afford it or have connections Another alarming point is discrimination So many groups including religious minorities women and marginalized communities face systemic discrimination within the justice system Their cases are often not given the same priority or seriousness as those involving more privileged individuals Everybody is ignoring the vital issue of weak rule of law where the enforcement of laws
S u r v i v i n g t h e S t o r m
have portable affordable solar lanterns Increasingly families who can afford it are stockpiling essentials and non-perishables to hedge against ever-rising food prices While they might not openly discuss prepping, they are taking sensible precautions against uncertainty The Reality of Prepping in an Unequal Society Climate shocks rising geopolitical tensions and a global cost-of-living crisis mean many people can t afford to stockpile essentials As rising prices push the middle class toward poverty, they become as vulnerable as the unemployed The gap between the wealthy and the poor widens and when disaster strikes
they
apartment buildings to build trust and create disaster provision plans now before disaster strikes It s too late to organize after a crisis hits By fostering a sense of community and cooperation we can enhance our collective resilience and increase our chances of survival in the face of adversity
Preparing for crises whether through homesteading or prepping requires foresight and planning As individuals and communities we must adapt to the changing world around us and work together to ensure our survival By sharing resources, skills, and knowledge, we can build stronger, more
04 Thursday 6 June 2024 COMMENT Lahore – Ph: 042-36300938, 042-36375965 I K arachi – Ph: 021-32640318 I Islamabad – Ph: 051-2204545 I Web: www pakistantoday com pk I Email: editorial@pakistantoday com pk
message falls flat T H E I n d i a n e l e c t o r a t e h a s r e j e c t e d t h e H i n d u n a t i o n a l i s t m e s s a g i n g o f t h e B J P i n t h e m i d s t o f s o a r i n g u n e m p l o y m e n t T h e r e a r e m a n y l e s s o n s t o b e d r a w n f r o m t h e h u mb l i n g e l e c t i o n w i n t h a t I n d i a n P r i m e M i n i s t e r N a r i n d r a M o d i s B J P h a s m a n a g e d t o c o b b l e t o g e t h e r For months the world s largest democracy has been preparing for and conducting the single largest democratic process in the world The election campaigning from Mr Modi focused on targeting the country s Muslim minority whom he called infiltrators E v e n t h o u g h t h e B J P h a s e m e rg e d a s t h e s i n g l e l a rg e s t p a r t y i n t h e c o u n t r y a n d w i l l f o r m a c o a l i t i o n g o v e r n m e n t , t h e y d o n o t h a v e a s i m p l e m a j o r i t y T h i s i s a f a l l f r o m t h e i r p r e v i o u s e l e c t i o n a n d a r e s u rg e n c e f r o m t h e I n d i a n N a t i o n a l C o n g r e s s w h i c h h a s n e a r l y d o u b l e d i t s s e a t s c o m p a r e d t o t h e l a s t e l e c t i o n i n 2 0 1 9 M o s t t e l l i n g h a v e b e e n t h e l o s s e s i n U P w h e r e t h e B J P h a s b e e n d o m i n a n t f o r d e c a d e s w h e r e H i n d u M o n k a n d h a r d l i n e r Yo g i A d i t y a n a t h h a s b e e n s p r e a di n g t h e B J P s n a t i o n a l i s t v i e w s , a n d Ay o d h y a , w h e r e t h e P r i m e M i n i s t e r i n a u g u r a t e d t h e R a m Te m p l e o n t h e r e m n a n t s o f t h e B a b a r i M a s j i d M o s t p u n d i t s e x p e c t e d t h e B J P t o s w e e p t h i s e l e ct i o n , w i t h t h e p a r t y h o p i n g t o c r o s s 4 0 0 s e a t s O n e m u s t r e m e m b e r t h a t a s f a r a s e l e c t i o n e x p e c t a t i o n s a r e c o n c e r n e d m e d i a c o v e r a g e o f t e n t i l t s t o w a r d s w h a t e v e r s i d e t h e m i d d l e a n d u p p e r m i d d l e c l a s s e s t a k e B u t o n t h e d a y o f a n e l e c t i o n , a l l v o i c e s c o u n t e q u a l l y I t i s t e l l i n g t h a t a t t i m e s o f e c o n o m i c h a r ds h i p ( I n d i a h a s a n u n e m p l o y m e n t r a t e o f 8 1 % w h i c h h a s s t e a d i l y r i s e n d u r i n g M o d i s t i m e ) , t h e b o t t o m e c h e l o n s o f s o c i e t y c a n n o t a ff o r d t o v o t e o n t h e b a s i s o f i d e o l o g y M a n y e x p e c t e d t h a t i f M o d i s w e p t t h e e l e c t i o n i t w o u l d a l l o w t h e B J P t o e n a c t t h e i r f a r r e a c h i n g c o ns t i t u t i o n a l r e f o r m s w h i c h w o u l d f u r t h e r p u s h M u s l i m s a n d o t h e r m i n o r i t i e s i n t o a c o r n e r T h i s i s i n c r e a s i n g l y l o o k i n g u n l i k e l y Wi t h a s l i m m a j o r i t y a n d u n r e l i a b l e p a r t n e r s , M r M o d
i n i s t e r a f t e r N e h r u E v e n t h o u g h h e h a s a l w a y s b e e n a H i n d u h a r dl i n e r, M r M o d i i n i t i a l l y g a r n e r e d h i s r e p u t a t i o n a s a n o - n o n s e n s e e c o n o m i c m a n a g e r a s t h e C M o f G u j r a t E v e n i f h e d o e s n o t h a v e a c h a n g e o f h e a r t p o l i t i c a l e x p e d i e n c y m i g h t f o r c e h i m t o t o n e d o w n t h e r h e t o r i c a n d s h e l v e h i s p l a n s f o r a l a t e r d a t e M A Niazi Editor Pakistan Today Babar Nizami Editor Profit Dedicated to the legac y of late Hameed Nizami Arif Nizami (Late) Founding Editor A
RECENTLY, we had to suffer injuries while travelling in a Metro Bus in Islamabad When we reached close to our destination my friend and I stood up to gather our luggage As we were still busy in getting hold of the stuff the driver abruptly opened the main door though there was no station in sight This left my arm badly scratched and my friend s foot injured Later we came to know that the driver had opened the door mistakenly to pick one of his staff members standing on the road This information only added to our frustration It was really an irresponsible act on the part of the driver and could have caused even casualties MARIA ZULFIQAR AWAN ISLAMABAD Agenda IT is a long known foreign agenda to pitch the people of Pakistan against its armed forces A sane person can never dare to stand against one s own military Those who attempted to do so on May 9 were out to create a division within society and portray the armed forces as enemies of their own people This was unacceptable, and there was a need to unmask the faces behind such unforgiveable and unfortunate incident Our people need better living standards, clean drinking water, more employment opportunities less gender bias modern health facilities and freedom from foreign debt What we do not need is chaos SHAHZAD LODHI RAWALPINDI Jacobabad needs a universit y JACOBABAD a highly populated district in Sindh does not have a single institution of higher education or advanced learning Sadly, students are forced to travel to other cities to continue their studies which incurs significant physical and financial hardship, impeding their educational journey Jacobabad deserves to have a university catering to the needs of the local students As such establishing a university would not only boost educational opportunities but also foster economic growth as well as development in the area The relevant authorities need to look into the matter NAVEED HUSSAIN JACOBABAD Collective action THE current government in Azad Jammu and Kashmir (AJK) has reduced electricity tariff after massive protests across the region The new rates are Rs3 and Rs10 per unit for domestic and commercial users, respectively This decision is a testament to the power of collective action However it is imperative to use electricity responsibly and wisely Let us make a conscious effort to conserve energy pay our bills on time as well as avoid electricity theft By doing so we can not only ensure the sustainability of this facility but also create a culture of responsible energy consumption Let us work together to build a brighter future for our future generations Let us do it now KHATEEB KHAN KOTL Stray dogs Tray dogs that roam the streets of Karachi’s Gulistan-i-Jauhar area have made the lives of citizens miserable Road accidents and traffic disruptions have become common in the area Those responsible for running the affairs of Karachi Municipal Corporation (KMC) have clearly failed to deal with the rising population of stray dogs Reportedly about a hundred cases of dog bites are being recorded daily in the city Besides, the shortage of rabies vaccines in hopsitals is a persistent issue in Sindh Dania Fatima Karachi E d i t o r ’ s m a i l Send your letters to: Letters to Editor Pakistan Today 4-Shaarey Fatima Jinnah Lahore Pakistan E-mail: letters@pakistantoday com pk Letters should be addressed to Pakistan Today exclusively
MAGINE that the society you live in is on the brink of catastrophe, facing potential collapse due to climate change rising geopolitical tensions all-out war or growing inequality leading to civil unrest What would you do to protect yourself and your family? A friend of mine in Karachi owns a small farm that has served as a weekend retreat He worries that increasing inequality and hunger will lead to civil unrest Additionally he fears that if the USA starts another regional war Pakistan could get dragged into the conflict To prepare for these possibilities, he plans to move to his farm and live as a full-time homesteader, believing this will be the safest place to weather any upcoming storms Homesteading is a lifestyle centred around off-grid self-reliant living His farm is wellstocked with fruit and vegetables and he raises chickens and other animals Solar panels provide electricity, and a water bore supplies clean drinking water This classic homesteading setup ensures that he can survive without relying on external sources The only additional steps are to store non-perishable foods and preserve surplus fresh produce through pickling and canning Adapting our lifestyles to survive is a fundamental aspect of human nature, yet popular culture often depicts homesteaders as eccentric or extreme For instance, the 1970s BBC comedy The Good Life portrayed a couple abandoning corporate life to start homesteading in their suburban home much to the dismay of their affluent neighbors More recently the Netflix film Leave the World Behind illustrated what life might look like if our familiar world turned hostile When Disaster Strikes Unequal Societies Not everyone has a farm to retreat to Most urban dwellers live in apartment buildings and are more likely to be preppers rather than homesteaders Preppers stockpile essentials to brace for inevitable economic or climate crises Historically, urban preparation involved carrying a map, a flashlight, a spare tire, and a tire iron in the car trunk In harsher climates drivers might also keep blankets dry clothes energy bars and water in case of a breakdown The Covid-19 pandemic was the first time many people experienced a global supply chain disruption In Europe, people began stockpiling dry pasta, while in Asia, rice was the item of choice Hand sanitizer became a coveted item; my personal supply was stolen from my desk and replacing it took weeks and significant expense Almost everyone ended up stockpiling something Online prepper guides and videos predominantly focus on the USA and Australia, regions frequently plagued by large forest fires or hurricanes that necessitate emergency evacuations In the UK increasing flooding has led locals to embrace prepping Basic Needs for Survival The fundamental needs for preppers include water, food, and energy They stockpile bottled water, canned foods, dry rice, batteries, candles, matches, first aid supplies, and essential medications Backup flashlights solar-powered lamps and solar panel chargers for mobile devices are also common Important documents and IDs are kept in a go bag or bug out bag for quick evacuation if necessary You might be surprised to find that your neighbours in Pakistan are also prepping I’ve met families in ground-floor apartments who have installed solar panels on their patios Those who can t install solar panels often ensure
Modi’s
i w i l l h a v e t o f o c u s o n d e l i v e r i n g o n t h e e c o n o m i c f r o n t i f h e i s t o c o n t i n u e b e i n g I n d i a s l o n g e s t s e r v i
silly act
I
such unequal societies the consequences can be dire How far will people go to protect their families? Our species has thrived by living in communities Homesteading is successful when the fruits of your labour are shared with others, and prepping works best when people pool their skills and knowledge within their neighbourhoods As climate events become more severe individual survival becomes increasingly difficult We must look to our distant past and recognize that manual labourers are as crucial to our survival as scientists and strategists Building Community Resilience We need community leaders within neighbourhoods and
resilient communities capable of weathering any storm The writer is a freelance columnist
is often inconsistent and selective Powerful individuals and groups can often evade justice due to their influence while ordinary citizens face the full brunt of the law The jails of entire Pakistan are full of these type of prisoners who are helpless Another bothersome issue is that of military courts and civilian trials and the establishment of military courts for trying civilians particularly in terrorism-related cases which has raised concerns about fair trial standards These courts operate under different rules and are perceived to lack transparency and accountability On the on hand we are not providing justice while on the other the poverty index is rising like the heat wave presently taking control of our country Once Nelson Mandela said “You can’t finish poverty by charity but it will be finished by justice ” The concept of justice holds profound significance in various aspects of society philosophy and governance Its importance can be understood through several key dimensions, moral and ethical foundations Justice is a core principle in moral and ethical systems, guiding individuals and societies in determining what is right and wrong It embodies fairness equality and respect for rights ensuring that individuals receive what they are due Justice creates social harmony Justice is crucial for maintaining social order and harmony By ensuring fair treatment and addressing grievances, it helps prevent conflicts and promotes a sense of trust and cooperation among community members Only a powerful legal system is the main solution as Justice is the cornerstone of legal systems worldwide It ensures that laws are applied equally protects individuals from arbitrary rule and upholds the rule of law, which is essential for a stable and predictable society Our Constitution protects human rights and Justice is closely linked to the protection of human rights It ensures that individuals rights are recognized respected and enforced preventing abuses of power and safeguarding human dignity It also provides economic equity In the economic sphere, justice seeks to address inequalities and ensure fair distribution of resources and opportunities This includes addressing issues like poverty, discrimination and access to education and healthcare Presently we are lacking democratic governance Justice is vital for the functioning of democratic systems It ensures that political processes are fair leaders are accountable, and citizens have equal participation in governance Justice is essential for fostering fairness, protecting rights, maintaining social order, and ensuring the equitable distribution of resources and opportunities Its pursuit is fundamental to the well-being and progress of individuals and societies Although Pakistan is a Muslim State and there is no other way of thinking, either we have to follow the Qur an and its excellent legal system to make our life easy and prosper, or you blindly follow systems borrowed here and there but one thing is very simple to understand that if the Courts are functioning and delivering real and instant and inexpensive justice then nothing can go wrong nor is it required to make institutions of handling out charity T h e w r i t e r i s a n A d v o c a t e S u p re m e C o u r t o f Pakistan, Law Professor, member International Bar Association and former Assistant Attorney General for Pakistan
akhtar aly kureshy
Preparing for Crisis in an Uncertain World Preparing for crises whether through homesteading or prepping requires foresight and planning As individuals and communities, we must adapt to the changing world around us and work together to ensure our survival By sharing resources, skills, and knowledge, we can build stronger, more resilient communities capable of weathering any storm
DilDar
justice system have to be rec tified
Gulzar
Unveiling the Realit y
Closer Look at the Share of Religious Minorities Repor t by India
and low-level electoral campaign played their part in the revival of the Congress fortunes Modi launched the 2014 election campaign declaring that he would make India Congress-mukt At the end of the 2024 polls, the party should thank him for doing his bit in its revival A younger, youthful and energetic Congress has emerged from a decade of being on the back foot Modi is on course to make history with a third term as prime minister The question is: What would a weaker Modi mean for the stability of a Modi-led NDA government? More importantly, what would an NDA government dependent on allies like N Chandrababu Naidu and Nitish Kumar mean for policy? Modi s guarantees were for a Modi government Neither Naidu nor Nitish are ideologically inclined towards that agenda even if the pursuit of power keeps them on Modi s side But, would it? June 2024 feels very much like May 2004 Every political analyst and pollster predicted victory for the NDA under the leadership of then Prime Minister Atal Bihari Vajpayee When the results came in the stock market took a deep dive Within hours, a new alliance, the United Progressive Alliance, was cobbled together, and with the outside support of the Left Front, a government was formed under the leadership of
Manmohan Singh Modi is not a Vajpayee even if Amit Shah is a Pramod Mahajan Vajpayee stepped back Will Modi and Shah step back? After all the election campaign was about Modi ki Guarantee Is an NDA government willing to honour his guarantees?
The nation has thrust an important duty on Naidu and Nitish Neither has proved to be a man of integrity or vision Both have been self-serving and desperate for power Yet, history has a strange way of demanding heroism from ordinary people Recall how PV Narasimha Rao was assigned that role by fate and politics On the verge of political retirement packing his bags to become a pujari in a temple Rao was not only made PM but also tasked with taking decisions that changed the course of the country s destiny Can Nitish and Naidu play such a role as junior partners of a government dominated and controlled by Modi and Shah? Hardly They would be kept in check on a daily basis by all the institutions at the command of the PM To avoid that danger to their personal and political careers and, more importantly, in the larger interests of the country and its federal structure, the least Naidu and Nitish should demand is that one of them gets the home ministry and the other gets finance
Surely the INDIA parties potentially with Kharge as the PM, may well be willing to give those two portfolios to these two gentlemen Modi has been a lifelong hard political bargainer Recall how he took charge of the BJP wresting it away from Lal Krishna Advani sidelining Sushma Swaraj and coopting Arun Jaitley The question is: Can Naidu and Nitish be as tough when they bargain? There is a commonplace view within the commentariat that single-party majority governments are better than coalition ones Facts support the opposite In many ways after the first post-Independence decade the best period for the country in terms of economic development, poverty reduction, employment growth, global profile and domestic social stability was the quarter century from 1991 to 2014 It was a period in which three genial consensual and wise gentlemen became prime ministers of India Rao Vajpayee and Manmohan Singh heading coalition governments In Rao s case the Congress itself functioned like a coalition Vajpayee and Singh headed explicit coalitions India and Indians did well through their terms in office There is no reason to believe that a coalition government headed by another genial gentleman like Kharge would not offer stability as well as sane and sensible policies Given Modi s personality, ideology and ambition, he will not leave any stone unturned in his quest for a third term What kind of a PM he would be heading a coalition remains to be seen How he behaves and performs will however depend on the wis-
dom and courage of his allies his senior colleagues and the bureaucracy, which has often crawled when asked to bend The ModiShah regime has weakened and suborned every institution of Indian democracy Can Naidu and Nitish rein them in? On his flight from Kanyakumari to New Delhi Modi wrote an essay making three key points First that henceforth India would only be Bharat If is to be made official, it would require a constitutional amendment that he may
Why India’s elec tion results bring hope, even in defeat
have given secular India hope that even under a new BJP government there is potential for political change
The election campaign season that got us here was extraordinary Modi made the election about himself and his pursuit of absolute power He was the face of the campaign, telling voters in every constituency he visited that they are voting for him and all candidates are but his representatives Modi also made his imperial ambitions clear He styled himself as a Hindu emperor, trying to persuade the public that he was actually taking revenge for the atrocities of the Mughals the Muslim dynasty that ruled India from the 16 to the 18th century and that for the first time the rule of Hindus was being established in India under him He maintained that a Hindu nation was in the offing and to achieve that he needed to be in power In parallel, Modi also indulged in antiMuslim rhetoric His speeches were full of abuses and hatred against the Muslim community He made a desperate and dangerous attempt to frighten his voters by telling them that the opposition Indian National Congress party would snatch their property and other resources and give them to Muslims He portrayed the opposition as an anti-Hindu and pro-Muslim political force
But running the election campaign only on an anti-Muslim Hindu nationalist platform backfired Modi asked for an anti-Muslim mandate from his voters, and he did not get one This is an indication that there is a limit to the rise of the politics of hatred in India It is also an indication that it is a mistake to overlook people s daily needs in favour of polarising rhetoric All the Hindu youth I have spoken to have told me that by lulling them into a belief of a Hindu nation, this government has destroyed their present There is no work and no economic prospects for them Economic distress is palpable across rural India The youth saw that Modi was hiding his incompetence by indulging in the rhetoric of a Hindu nationalism and anti-Muslim hatred, so many of them decided to campaign against him The BJP also suffered an important symbolic defeat in the Ayodhya constituency where in January Modi consecrated a new temple dedicated to Ram one of the most revered Hindu gods The city of Ayodhya played a central role in the rise of Hindu nationalist politics and the BJP with the 1992 demolition of the 16th-century Babri Mosque and the subsequent drive to build the Hindu temple in its place The opening of the shrine was a key moment in the BJP s electoral campaign Nevertheless the people of Ayodhya voted the ruling party out Modi also won his own seat in Varanasi, another holy city he claims to have transformed, by a bit more than 150,000 votes, a much smaller margin than in the 2019 elections when he won by almost 480 000 People voted against the BJP also out of
fear that the party could use an absolute majority to change the constitution The Dalits and the underprivileged mobilised against this prospect, worried that all the rights they had gained through the constitution would be taken away The opposition – finally united after years of rivalry under the banner of the INDIA Alliance – also did a good job in rallying voters to defend India s constitutional democracy Although it effectively lost the election, it improved its position in the
leaders also experienced harassment by the authorities some facing raids and cases filed against them The chief ministers of Jharkhand and Delhi members of two opposition parties were arrested just months before the elections began The opposition also had to grapple with a hostile media environment Over the past 10 years the dominant media outlets have been transformed into propaganda platforms for the BJP During the election campaign the mainstream media demonstrated a clear bias against the opposition Along with all this, for the first time in the history of India, the Election Commission also openly worked in favour of the BJP It maintained silence on the repeated violations
I N the midst of India's parliamentary e l e c t i o n t h e E c o n o m i c A d v i s o r y Council to the Prime Minister published a report titled Share of Religious Minorities: A Cross-Country A n a l y s i s ( 1 9 5 0 - 2 0 1 5 ) " t h a t h a s s p a r k e d heated debate and created significant tens i o n b e t w e e n H i n d u s a n d M u s l i m s i n India Using data from 167 countries this report examines the status and trends of religious minorities around the world over a 6 5 - y e a r p e r i o d T h i s s t u d y e x p l o r e s t h e status of religious minorities who are freq u e n t l y s u b j e c t e d t o d i s c r i m i n a t i o n , h um i l i a t i o n , a n d e v e n p h y s i c a l v i o l e n c e I t hypothesized that the growth of religious minorities are dependent on the political environment in a conducive political environment religious minorities grow and t h r i v e b u t i n a h o s t i l e e n v i r o n m e n t t h e y decline 1 Although this is a global report, i t g i v e s s p e c i a l f o c u s o n t h e I n d i a n s u bc o n t i n e n t S A A R C c o u n t r i e s a n d M y a nmar It measures the percentage change of religious minorities and identifies signific a n t s h i f t s i n t h e p o p u l a t i o n s h a r e s o f m a j o r r e l i g i o n s i n v a r i o u s c o u n t r i e s i ncluding India, In India, between 1950 and 2 0 1 5 , t h e H i n d u p o p u l a t i o n f e l l b y 7 8 2 p e r c e n t w h i l e t h e M u s l i m p o p u l a t i o n g r e w b y 4 3 1 5 p e r c e n t D u r i n g t h e s a m e time period the religious minority Hindu population in Bangladesh fell from 23 perc e n t t o 8 p e r c e n t , a 6 6 p e r c e n t d e c r e a s e , while the Hindu population in Pakistan fell from 13 percent to 2 percent Among the neighbouring countries the Buddhist majority countries Bhutan and Sri Lanka also witnessed significant decrease in religious m i n o r i t y H i n d u p o p u l a t i o n w h i l e t h e H i n d u m a j o r i t y N e p a l w i t n e s s e d a s l i g h t increase in Muslim and Christian population In India, Hindus and Muslims together account for 94 percent of the total population Historically fertility rate (average number of children a woman is estimated to have in her life) of Muslims was higher than that of Hindus The fertility rate diff e r e n c e b e t w e e n t h e s e t w o r e l i g i o u s g r o u p s i s a s e n s i t i v e a n d h o t l y d e b a t e d issue in political social and academic circ l e s S o m e s c h o l a r s p r e d i c t e d t h a t i f t h e current fertility rates continued Muslims w o u l d o u t n u m b e r H i n d u s b y t h e y e a r 2 0 7 1 F i n d i n g s o f t h i s r e p o r t h a v e reignited an old debate that Muslims will eventually outnumber Hindus in India and h a s t r i g g e r e d h u g e t e n s i o n C o n s i d e r i n g its wider social and political implications it is crucial to examine demographic data and trends to determine the validity of this perspective and promote an informed discussion While religious beliefs can influence f e r t i l i t y b e h a v i o r t o s o m e e x t e n t , a n i nc r e a s i n g b o d y o f e v i d e n c e s u g g e s t s t h a t socioeconomic status economic empowe r m e n t e d u c a t i o n a w a r e n e s s a c c e s s t o healthcare facilities government policies and socio-cultural norms also play a crucial role in fertility decisions For instance, Muslim women in Andhra Pradesh or Kerala tend to have fewer children than Hindu women in Bihar or Jharkhand Additiona l l y s e v e r a l M u s l i m - m a j o r i t y c o u n t r i e s i n c l u d i n g A l b a n i a t h e U A E Q a t a r a n d Iran have experienced declines in fertility rates over the past few decades bringing them below the global average These examples highlight the fact that labeling fert i l i t y r a t e s a s b a s e d s o l e l y o n r e l i g i o u s faith is not fair Let us examine the socioeconomic status of Muslims in India The Sachar Comm i t t e e R e p o r t c o m m i s s i o n e d b y t h e Government of India and chaired by Justice Rajindar Sachar, investigated the soc i o e c o n o m i c s t a t u s o f M u s l i m s i n I n d i a a n d s u b m i t t e d i t s f i n d i n g s i n 2 0 0 6 A cc o r d i n g t o t h i s r e p o r t M u s l i m s i n I n d i a lagged behind other religious communities i n e d u c a t i o n e m p l o y m e n t i n c o m e a n d access to basic amenities such as housing healthcare, and other public services Muslims not only had lower levels of educational attainment but also faced challenges in accessing formal employment opportunities and frequently worked in low-paying informal sectors A significantly large p r o p o r t i o n o f M u s l i m s l i v e d b e l o w t h e poverty line They were also under-represented in government jobs, civil services, and public sector enterprises, as well as in elected bodies and decision-making positions at various levels of government Seve r a l a c a d e m i c s t u d i e s c o n f i r m e d t h e s e disparities I n I n d i a , t h e f i r s t c e n s u s w a s c o nd u c t e d i n 1 9 5 1 , a n d t h e r e w e r e 3 0 4 m i ll i o n H i n d u s a n d 3 5 m i l l i o n M u s l i m s B e t w e e n 1 9 5 1 a n d 2 0 11 , I n d i a ' s p o p u l at i o n g r e w b y m o r e t h a n t h r e e f o l d f r o m 361 million to over 1 2 billion Hindus increased from 304 million to 966 million w h i l e M u s l i m s g r e w f r o m 3 5 m i l l i o n t o 172 million Despite Muslims' higher fert i l i t y r a t e , t h e g a p b e t w e e n H i n d u a n d Muslim population is increasing over the years While the gap between Hindus and M u s l i m s w a s 2 6 9 m i l l i o n i n 1 9 5 1 i t i nc r e a s e d t o 7 9 4 m i l l i o n b y 2 0 11 S o t h e widely held belief that Muslims will outnumber Hindus soon is not supported by the current demographic trends In the last three decades, fertility rates a m o n g M u s l i m s a r e d e c l i n i n g f a s t I n 1 9 9 2 M u s l i m f e r t i l i t y r a t e w a s 4 4 a n d Hindu fertility rate was 3 3 with a gap of 1 1 But the fertility rate among Muslims dropped to 3 6 in 1998 3 4 in 2005 2 6 in 2015, and 2 36 in 2019 Similarly, Hindu fertility rates have decreased from 3 3 in 1 9 9 2 t o 2 8 i n 1 9 9 8 , 2 6 i n 2 0 0 5 , 2 1 i n 2015 and 1 94 in 2019 The National Fami l y a n d H e a l t h S u r v e y ( 2 0 1 9 - 2 1 ) r e v e a l s that from 2011 to 2019, TFR of Muslims i s d e c r e a s i n g f a s t e r t h a n t h a t o f H i n d u s Because of this the gap between fertility rate between the Hindus and Muslims reduced to 0 42 While Muslim fertility rates r e m a i n h i g h e r t h a n t h o s e o f H i n d u s , t h e gap is narrowing and on the verge of convergence While this report addresses an import a n t i s s u e i t s e x c l u s i v e r e l i a n c e o n p e rcentage figures for specific periods fails to present an accurate picture which has led to varying interpretations and tensions between Hindus and Muslims This inadvert e n t l y p e r p e t u a t e s t h e p e r c e p t i o n t h a t Muslims will eventually outnumber Hindus and provides a political tool for maj o r i t a r i a n s s e e k i n g t o c o n t r o l m i n o r i t i e s To provide a clearer perspective a critical a n a l y s i s c o n s i d e r i n g f e r t i l i t y r a t e t r e n d s and highlighting the current convergence of fertility rates between Hindus and Muslims is essential Such an approach would also help to dispel existing misconceptions a n d h e a t e d d e b a t e b e t w e e n H i n d u s a n d Muslims T h e w r i t e r i s P ro f e s s o r D e p a r t m e n t o f E c o n o m i c s I n t e r n a t i o n a l U n i v e r s i t y o f B u s i n e s s A g r i c u l t u re a n d Te c h n o l o g y, Dhaka, Bangladesh, and can be reached at d r r a s u l e c o n @ i u b a t e d u a n d g o l a m g r as u l @ g m a i l c o m Thursday 6 June 2024 COMMENT 05
ARTIN Luther King Jr had a dream Xi Jinping had a dream Going into the campaign for this year ’s Lok Sabha elections Narendra Modi too had a dream He imagined 400-plus seats for the National Democratic Alliance (NDA) This week the dream went sour In 2014 Modi s major political contribution was to revive the Bharatiya Janata Party (BJP) In 2024, his biggest political contribution has been the revival of the Indian National Congress Of course Rahul Gandhi came into his own with his Bharat Jodo Yatra and Mallikarjun Kharge provided mature and wise leadership But the policies of Modi s second term and the politics of his divisive
M
no longer be able to push through Second Modi outlined a new definition of the word ‘reform’ by suggesting that the country needs reform in every aspect of life Would a diminished Modi command the nation s regard to be able to provide leadership for that kind of reform? Third, Modi imitated Chinese President Xi by referring to the need for the country to have a ‘New Dream’ A decade ago Xi made much of his China Dream borrowing the older idea of the American Dream The American Dream and the China Dream were both about people living the good life Modi says the country should dream to be Viksit Bharat India will be Viksit irrespective of who leads the Union Government next So even though Modi s dream of 400-plus in the Lok Sabha has not been realised the nation s dream of becoming a developed country will be realised, over time As for Modi and the BJP, their dreams have gone sour and disrupted by an electoral wake-up call Sanjaya Baru is a senior journalist
dr GolAm rASul W h i l e t h i s r e p o r t a d d r e s s e s a n i m p o r t a n t i s s u e , i t s e x c l u s i v e r e l i a n c e o n p e r c e n t a g e f i g u r e s f o r s p e c i f i c p e r i o d s f a i l s t o p r e s e n t a n a c c u r a t e p i c t u r e , w h i c h h a s l e d t o v a r y i n g i n t e r p r e t a t i o n s a n d t e n s i o n s b e t w e e n H i n d u s a n d M u s l i m s T h i s i n a d v e r t e n t l y p e r p e t u a t e s t h e p e r c e p t i o n t h a t M u s l i m s w i l l e v e n t u a l l y o u t n u m b e r H i n d u s a n d p r o v i d e s a p o l i t i c a l
o o l
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s i s c o n s i d e r i n g f e r t i l i t y r a t e t r e n d s a n d h i g h l i g h t i n g t h e c u r r e n t c o n v e r g e n c e o f f e r t i l i t y r a t e s b e t w e e n H i n d u s a n d M u s l i m s i s e s s e n t i a l S u c h a n a p p r o a c h w o u l d a l s o h e l p t o d i s p e l e x i s t i n g m i s c o n c e p t i o n s a n d h e a t e d d e b a t e b e t w e e n H i n d u s a n d M u s l i m s .
Modi’s grand dream turns sour
t
f
m a j o r i t a r i a n s s e e k i n g t
c l e a r e r p e r s p e c t i v e , a c r i t i c a l a n a l y
TRIBUNE S A n j AyA B A r u His policies and divisive politics have contributed to the Congress’ revival
O N Saturday India’s six-week-long elections ended with polls projecting a landslide for the ruling Bharatiya Janata Party (BJP) BJP leaders, inspired by Prime Minister Narendra Modi, had repeatedly made clear that their goal was to get 400 seats in the 543-seat Lok Sabha, the lower chamber of the Indian Parliament But the vote did not turn out so well for them On Tuesday official results showed the BJP managed to win 240 seats down 63 seats from the 2019 elections and causing the party to fall short of the majority it had retained over the past 10 years With its allies, it will still be able to form the next government but the Indian voters have clearly not given it the absolute mandate it wanted Instead the people of India have given back meaning to democracy They have reaffirmed that democracy is opposed to the com-
dominance of one idea
one voice
have demonstrated that in a multireli-
multicultural India, they do not accept the isolation
the followers of one religion
the mobilisation of the majority against them They
A
plete
and
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gious and
of
and
Lok Sabha, and it did so in the face of a myriad of challenges Before the election the opposition was falling way behind the BJP in fundraising The situation only worsened when money was forcibly withdrawn from the account of the largest opposition party, Congress, by government agencies and its bank accounts were sealed Opposition
of the election code of conduct by Modi and his party and turned a blind eye to complaints of voter suppression and voter list manipulation The message Indian voters sent to the BJP and the rest of the political elite is clear They want the return of decency, civility and mutual respect They reject the abusive political language of the BJP which humiliates and insults specific communities and demonises them They recognise the threat to the constitutional idea of India in the form of the Modi-led BJP The Indian voters have given a mandate to safeguard secularism in India, protect the rights of minorities and respect a pluralistic society It is a mandate in favour of the values of equality liberty justice and fraternity One should hope that the constitutional institutions of India will understand its meaning and will be able to muster enough courage to fulfil their constitutional responsibilities This mandate is also an opportunity for the BJP to free itself from Modi’s arrogant grip and start functioning as a normal political party Right now everyone in the BJP has become just a henchman or a minion of the party leader Political observers have noted that all powerful leaders of the BJP have either been eased out or marginalised by Modi who along with Amit Shah has captured the party These election results have given a chance to India as it knew itself India which has been badly wounded by the politics of Hindu nationalism in the past 10 years, can now heal its wounds Apoorvanand teaches Hindi at the University of Delhi He writes literary and cultural criticism
BJP won the vote, but its loss of a majorit y in the Lok S abha signals that the politics of hate have a limit AL JAZEERA A p o o rvA n A n d
‘rEady’ To EngagE in all-oUT war wiTH iSraEl
Political Consultative Conference (CPPCC) China s top political advisory body opened in Beijing on Tuesday focusing on building a high-level socialist market economy system Wang Huning, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and chairman of the CPPCC National Committee, presided over the opening meeting Ding Xuexiang, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and vice premier was invited to attend the meeting and delivered a report Wang called on the national political advisors to carry out indepth consultations and put forward suggestions on building a high-level socialist market economy system and contribute wisdom and strength to advancing the great rejuvenation of the Chinese nation on all fronts through Chinese modernization
In delivering a report, Ding stressed efforts to encourage state-
We will take more initiative
owned capital and state-owned enterprises to grow stronger, better and bigger and provide a sound environment and more opportunities for the non-public sector
It is important to speed up the development of a unified national market, improve fundamental market economic systems such as property-rights protection, market access fair competition and social credit and build a high-standard market system he said
He called for giving full play to the strategic guidance of national development plans and strengthening coordination between fiscal and monetary policies so as to promote sustained and sound economic development
and a half days The political advisors will conduct group discussions on seven topics
Amarnath Yatra threatens IIOJK's fragile ecosystem as world celebrates World Environment Day
SRINAGAR I N P
In what experts see as a serious environmental threat the Indian government has decided to go ahead with the Amarnath Yatra in Indian illegally occupied Jammu and Kashmir According to Kashmir Media Service, the yatra, which attracts lakhs of Hindu pilgrims, is expected to have a devastating impact on the region's fragile ecosystem
As per environmentalists the massive influx of pilgrims will lead to the melting of glaciers floods and pollution in the mountainous region The Indian government's militarized approach to the yatra has further exacerbated the concerns with experts urging the government to limit the duration and number of pilgrims to save IIOJK s ecology
Environment Day, today, the Indian government s neglect of IIOJK's environmental concerns is a stark reminder of the need for urgent action
The Amarnath Yatra is an environmental disaster waiting to happen," said a renowned environmentalist on condition of anonymity "The Indian government's refusal to acknowledge the risks is a clear example of their disregard for the region s fragile environment
As the world celebrates World
Environmental groups are urging the government to take immediate steps to mitigate the damage and ensure the long-term sustainability of the region s ecosystem "The Indian government must be held accountable for their actions " said another leading environmental activist We demand an immediate review of the yatra s environmental impact and concrete steps to protect IIOJK s
Th d y 6 J 2024 LAHORE 06 NEWS LEBANON A G E N C I E S
E Z B O L L A H an ally of Palestinian freedom fighting group Hamas says it has been striking Israel in support of Palestinians under Israeli bombardment in Gaza It has previously said it will commit to a cease fire when the Israeli offensive on Gaza stops Hezbollah deputy leader Sheikh Naim Qassem told broadcaster Al Jazeera that the group s decision was not to widen the war but that it would fight one if it was imposed on it Qassem said the Lebanon front would not stop until the Gaza war stops Al Jazeera quoted him as saying He asserted Hezbollah s readiness for battle and its determination not to allow Israel to claim any victories Qassem warned of dire consequences should Israel seek to expand the war into Lebanon promising destructionand displacement in Israel as a response He stated unequivocally that Hezbollah is prepared for an all-out war if Israel chooses to initiate one Hezbollah and Israel have been engaged in hostilities for the past eight months, coinciding with Israel’s ongoing offensive in Gaza Israel has killed more than 36 400 Palestinians and wounded at least 82 600 others during its wart on Gaza following the October 2023 Hamas attack that resulted in the deaths of 1,200 Israelis This ongoing exchange of fire between Israel and Lebanon has also raised concerns about the potential for a broader conflict between these wellarmed adversaries Qassem highlighted the enduring connection between the Lebanese front and Gaza, echoing sentiments expressed by Hezbollah s leader, Hassan Nasrallah, who has consistently characterized the group’s support for Gaza as unwavering The cross-border violence which has fluctuated over recent months escalated in recent days Hezbollah announced on Tuesday that it had launched a squadron of one-way attack drones at an Israeli military barracks for the second consecutive day, citing it as a response to a deadly Israeli attack on Lebanon Meanwhile sirens blared in northern Israel underscoring the heightened tensions in the region “The current situation is not sustainable ” remarked an unnamed official highlighting that the ongoing hostilities represent the most severe escalation between Israel and Hezbollah since their conflict in 2006 Tens of thousands of individuals on either side of the border have been compelled to evacuate their residences Israel’s war cabinet is scheduled to convene later on Tuesday primarily to address the situation on the northern front Israeli government spokesperson David Mencer remarked on Tuesday that the ongoing conflict in the north is unsustainable He affirmed Israel’s commitment to ensuring the safety of evacuated Israelis Mencer stated that it is Hezbollah s decision whether this is achieved through diplomatic negotiations or force asserting Israel’s stance in defending its sovereignty Amos Hochstein a senior adviser to US President Joe Biden involved in diplomatic efforts for de-escalation, suggested last week that a phased implementation of a land border agreement between Israel and Lebanon could help alleviate tensions Education Minister Yoav Kisch a member of the right-wing Likud Party and not part of Israel s war cabinet, stated on Israeli Army Radio on Monday that Israel must engage in military action to push Hezbollah beyond the Litani River situated near the Lebanese city of Tyre approximately 19 kilometers (12 miles) from the border Since October 7 Israeli strikes have reportedly killed around 300 Hezbollah members and approximately 80 civilians In return, attacks from Lebanon into Israel have resulted in the deaths of 18 Israeli soldiers and 10 civilians according to the Israeli military On Monday rockets launched from Lebanon caused wildfires in northern Israel Hezbollah stated on Monday that it had deployed a squadron of drones against an Israeli target in retaliation for Israel’s killing of a Hezbollah member While Hezbollah has utilized drones in the conflict previously this marked the first time it openly declared launching a squadron of them The group asserted that Tuesday s drone launch was in response to what it deemed an Israeli assassination in the border town of Naqoura HEzboll aH
BEIJING S TA F F C O R R E S P O N D E N T The seventh meeting
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C h i n a’s p o l i t i c a l a d v i s o r s m e e t o n h i g h - l eve l s o c i a l i s t m a r ke t e c o n o my Trump seeks lifting of gag order after conviction in hush money case NEW YORK A G E N C I E S Former US president Donald Trump has requested the court to lift a ban slapped on him in his hush money case The former president s appeal comes after he was convicted last week on charges related to payments he made to an adult actress Stormy Daniels In his verdict, Justice Juan Merchan barred Trump from making public statements before the trial began in April Prosecutors argued that the gag order was necessary due to Trump’s history of making potentially threatening remarks Todd Blanche Trump s lawyer wrote in a letter dated June 3 Now that the trial is concluded the concerns articulated by the government and the Court do not justify continued restrictions on the First Amendment rights of President Trump ” Daniels claimed that the payment was to keep her silent about an alleged sexual encounter with Trump However he denies the charges Trump has vowed to appeal the conviction He has often called the gag order an unconstitutional infringement on his right to free speech A spokesperson for Manhattan District Attorney Alvin Bragg did not immediately comment on the request During the trial Merchan fined Trump $1 000 for each of ten violations of the gag order One violation involved a social media post calling Cohen a serial liar, and another was an interview where Trump claimed “that jury was picked so fast – 95% Democrats Justice Merchan warned Trump on May 6 that he could end up in jail in case he violated the gag order again Slovenia becomes latest EU countr y to recognise Palestine LJUBLJANA I N P Slovenia became the latest European Union country to recognise an independent Palestinian state after its parliament approved the move with majority vote on Tuesday dismissing a call for a referendum on the issue by the largest opposition party The government last week decided to recognise Palestine as an independent and sovereign state following in the steps of Spain, Ireland and Norway as part of a wider effort to coordinate pressure on Israel to end the conflict in Gaza Today s recognition of Palestine as a sovereign and independent state sends hope to the Palestinian people in the West Bank and in Gaza, Prime Minister Robert Golob said on X The vote was scheduled for Tuesday and a parliamentary group for foreign affairs on Monday endorsed the government decision with majority vote The right-wing Slovenian Democratic Party (SDS) of former premier Janez Jansa however then submitted a proposal on a consultative referendum on the recognition bid, which would have delayed the vote for at least a month The SDS, the largest opposition party, argued it was not the right time to recognise an independent Palestinian state and that the move would only award the terrorist organisation Hamas After the ruling coalition which holds a majority in Slovenia s 90-member parliament, tried to find the way around the referendum demand and proceed with the vote, the SDS withdrew their proposal but submitted it again hours later The parliament committee for foreign affairs declared it inadequate and dismissed it at an extraordinary session The decision was approved with 52 votes and nobody against it after the opposition SDS party had left the session Of the 27 members of the EU, Sweden, Cyprus, Hungary, the Czech Republic, Poland, Slovakia, Romania and Bulgaria have already recognised a Palestinian state Malta has said it could follow soon Israel has been fighting against Hamas which rules Gaza since the cross-border October 7 attack by militants in which some 1,200 people were killed and over 250 taken hostage, according to Israeli tallies Nearly 130 hostages are believed to remain captive in Gaza Gaza health authorities say more than 36 000 Palestinians have been killed in the war over the past seven months Chinese premier pledges to advance law-based gov t BEIJING S TA F F R E P O R T Chinese Premier Li Qiang on Wednesday emphasized the need to enhance the ability to work and address problems in accordance with the law and make solid progress in building a law-based government Li made the remarks at a study session held by the State Council He called on government officials to raise their awareness of the rule of law and perform their duties in accordance with the law to ensure law-based government work He stressed the improvement of legislation to ensure that administrative actions are based on legal grounds and that laws and regulations that do not meet the requirements of reform and development are promptly revised or abolished He called for a problem-oriented and responsive approach to legislation to help enterprises and the public solve practical issues as well as an impartial but flexible approach to the enforcement of the law Efforts should be made to standardize administrative discretion so that punishment standards for offenses are consistent, procedures are fair, and outcomes are reasonable, he said, also stressing the need to refine the supervision system for administrative powers At the session Ma Huaide president of the China University of Political Science and Law gave a lecture and Vice Premier Ding Xuexiang and He Lifeng, as well as State Councilor Wu Zhenglong, participated in the discussion BEIJING S TA F F C O R R E S P O N D E N T Chinese Foreign Minister Wang Yi on Wednesday met with Venezuelan Foreign Minister Yvan Gil Pinto in Beijing and the two sides vowed to collaborate closely with each other in the global multilateral sphere Noting that this year marks the 50th anniversary of the establishment of diplomatic relations between the two countries Wang also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, called on both sides to make strategic plans with a forward-looking perspective to inject new connotations into the two countries’ allweather strategic partnership Wang said China supports Venezuela in safeguarding its national sovereignty and national dignity and supports the country in exploring a development path suited to its national conditions China is ready to work with Venezuela to further expand bilateral trade and areas of cooperation, and help Venezuela accelerate its industrialization process and economic diversification said Wang He called on China and Venezuela as important members of the Global South to collaborate closely in the global multilateral sphere and jointly respond to global challenges As Latin American and Caribbean countries are an important part of the Global South he said China hopes Latin American countries will uphold unity cooperation, and independence, adding that China will continue to be a reliable partner in achieving development and prosperity For his part Gil said the Venezuelan side firmly adheres to the one-China principle and supports China on issues concerning China s core interests, such as national sovereignty and territorial integrity Speaking highly of China’s upholding fairness and justice in international affairs he said Venezuela is willing to work with China to maintain close communication and collaboration and promote the continuous development of Latin America-China relations Gil also called on both sides to jointly oppose hegemony and illegal unilateral sanctions and defend the common interests C h i n a , Ve n ez u e l a vow c l o s e c o l l a b o r at i o n a s FM s m e e t
to align with
international economic and
steadily
ing-up and
advantages in
and competition, he
The political advisors listened to reports on a number of topics, including the transformation and upgrading of traditional manufacturing industries the construction of water conservancy infrastructure for better production capacity in agriculture and green and low-carbon transformation of industries The meeting will last for two
Loc al Auto Industr y urges govt to regulate ‘ illegal ’ used c ar impor t
Local
PSX REVAMPS REGUL ATIONS FOR DEFAULTERS’ SEGMENT, SUSPENSION, AND DELISTING
TH E Pakistan Stock Exchange Limited (PSX) has announced significant amendments to its regulations regarding the Defaulters’ Segment, suspension of trading, and delisting of listed companies These changes aim to enhance transparency and protect the rights and interests of minority shareholders
According to PSX Notice No PSX/N-98 dated January 30, 2023, the proposed amendments were open for public comments After detailed consultation and with the approval of the Securities and Exchange Commission of Pakistan (SECP) PSX has finalized these amendments
Key Amendments Include: (A) Restructuring of Defaulters’ Segment: The existing Defaulters Segment has been divided into two new segments: 1 Non-Compliant Segment 2 Winding-up Segment (B) Removal of Certain Events Leading to Placement in Defaulters’ Segment: Several events previously leading to placement in
ISLAMABAD S TA F F R E P O R T
The Commission on Science and Technology for Sustainable Development in the South (COMSATS) in collaboration with the Ministry of Climate Change and Environmental Coordination Ministry of Foreign Affairs, ECO Science Foundation, and Food Security and Agriculture Centre of Excellence (FACE) commemorated the United Nations World Environment Day by holding a High-Level Panel
Discussion Ms Romina Khurshid Alam, Coordinator to Prime Minister on Climate Change and Environmental Coordination, was the Chief Guest Speaking at the occasion the Chief Guest Ms Romina noted that sustainable development can only
be achieved through a holistic strategy that addresses the environmental, social, and economic dimensions of land degradation and environmental issues She highlighted key measures to mitigate degradation and desertification including pooling resources to invest in S&T, promoting R&D, supporting the efforts of scientists, building capacities of farmers’ community with latest knowledge and skills to implement sustainable practices She recounted some of the signifi-
HBL, EXIM par tner to boost SME expor ts
ISLAMABAD: HBL and EXIM (Export-Import Bank of Pakistan) signed a Memorandum of Understanding (MoU) to collaborate in the structuring and implementation of EXIM s Trade Credit Insurance facilities to support Pakistan s export growth With a special focus on Small and Medium Enterprises (SME) and Emerging Corporate/Commercial tier exporters, the Export Receivables Discounting is a first of its kind in Pakistan With HBL’s industry-leading SME lending portfolio of over Rs 100 billion and EXIM s key role as the official Export Credit Agency (ECA) of Pakistan this MoU represents the unification of the commitments of both in growing the 'S of the SME business in a significant and sustainable way, through a focus on cash-flow-based lending Under the agreement, EXIM as Pakistan’s ECA and HBL with its expertise in trade finance will collaborate to develop and implement new products to enhance the overall risk-taking capacity in the country and create a secure environment for exporters Commenting on the collaboration, Muhammad Nassir Salim, President & CEO – HBL, said “This is a significant step forward in supporting Pakistan's export growth particularly for SMEs and emerging exporters PR
underscores the
cant initiatives taken by her Government to tackle environmental challenges, including the Living Indus Initiative and the Recharge Pakistan The Coordinator underlined the danger posed to the Indus population by Indian relentless construction of dams on rivers allocated to the lower riparian country, Pakistan The Executive Director COMSATS Ambassador Dr Mohammad Nafees Zakaria stated that Climate Change poverty food security
of
enforcement, broader tax base expansion, and public awareness to mitigate the detrimental effects of illicit trade on Pakistan s economy PR
07 NEWS Thursday 6 June 2024 | LAHORE CORPORATE CORNER PSX presents federal budget 2024-25 proposals for economic growth KARACHI: Pakistan Stock Exchange (PSX) has submitted a series of important tax proposals to the Ministry of Finance (MoF) and the Federal Board of Revenue (FBR) for consideration in the federal budget for the fiscal year 2024-25 The measures recommended are revenue positive and will encourage resource allocation towards productive and documented sectors of the economy This is important for economic growth and employment generation in Pakistan Pakistan Stock Exchange has recently seen an upsurge in its performance in response to the stability measures introduced in the macro economy The market capitalisation has increased by almost Rs 4 trillion in the outgoing year, creating a significant wealth impact in the economy Foreign inflows amounting to approximately USD 132 million have been invested into the country through the stock market from July 2023 It is imperative that the Ministry of Finance and the FBR consider the proposals presented by PSX to ensure that the stock market continues to contribute towards economic growth, taxes, foreign investor inflows and documentation of the economy This is a crucial step to ensuring the continuity of the positive momentum of the capital market and economic recovery PR Pakistan, China review business promotion efforts, sign 32 MoUs during PM's visit I S L A M A B A D: During the current visit of the Prime Minister of Pakistan to China the promotion of business activities between the two countries were reviewed in detail and Federal Minister for Board of Investment Abdul Aleem Khan and Commerce Minister Jam Kamal Khan held meetings with CEOs of major Chinese companies Talking in this regard, Federal Minister Abdul Aleem Khan told that as many as 500 companies from China and 100 from Pakistan took part in this Pak China business forum while 32 MOUs were signed in addition to bilateral negotiations which were held with Chinese companies and remained successful Abdul Aleem Khan said that this is the best opportunity for Pakistani business community to tap their Chinese companions to invest there which will increase export ultimately He indicated that this Conference has provide best platform for both sides connectivity which will last in long term business ties Abdul Aleem Khan further said that apart from investment it will also be an opportunity for China for direct export to the other countries as well PR IIU makes to 1001-1200 in QS World University Rankings 2025 International Islamic University Islamabad (IIUI) is placed at 1001-1200 across the world in the latest QS World University Rankings 2025, released today Earlier, International Islamic University Islamabad was first time ranked as “Welcome to the World” by QS World University rankings at 1201-1400 for the years 2022 and 2023 Also IIUI was ranked on 249th position in QS Asia University Rankings 2024 and at 49th position in QS Southern Asia University Rankings 2024 IIUI has also been named as one of the world s top universities and placed among 51100 in the subjects of Theology, Divinity & Religious whereas it is globally placed at 351-400 in Mathematics In addition for the first time IIUI is placed at 601-640 in Physics across the world in the latest 2024 edition of the QS - world s top most university rankings agency These positive results are the outcome of continued reforms introduced and initiatives taken by the President PR Daraz adds on to celebrations with its spec tacular ‘6.6 Big Eid S ale’ K A R A C H I: As the country prepares for the joyous Eid-ul-Adha festivities, Daraz, Pakistan’s leading online marketplace, is giving more reasons to celebrate with its highly anticipated “6 6 Big Eid Sale This exciting campaign running from June 6 to 12 promises the best prices mega vouchers worth PKR 20 crore free delivery discounts of up to 75% and further bank discounts of 10% These offers ensure that customers can fulfill all their Eid shopping needs from the comfort of their homes "We are thrilled to launch the '6 6 Big Eid Sale' and bring incredible value to our customers during this festive season Our goal is to make Eid shopping as convenient and enjoyable as possible with unbeatable discounts, a wide range of products, and the assurance of the best prices PR Historic agreement signed between Riphah International University/IIMC T and NAVTTC An agreement was signed between RIPHAH and National Vocational and Technical Training Commission (NAVTTC) at the NAVTTC Headquarters in Islamabad recently IIMCT/Riphah International University was represented by Mr Ahmed Nauman Anees, CEO/Project Director, Riphah ExcelTech Institute and Group Director of Human Development Services and Strategy while the Director General/Chairperson of Planning and Development signed on behalf of NVTTC This agreement marks the largest collaboration regarding vocational training in recent memory The project is funded by the Prime Minister of Pakistan’s Office and is part of the prestigious SFIC forum at the national level This collaboration aligns with Chancellor Hassan Muhammad Khan s vision of bridging the gap between industry and academia by transferring essential skills to the youth PR P E C h o s t s s u c c e s s f u l I T D a y, s h o w c a s e s a d v a n c e m e n t s a n d l a u n c h e s a u t o m a t i o n d r i v e ISLAMABAD: Pakistan Engineering Council (PEC) successfully hosted IT Day on 5th June 2024 at the PEC Headquarters in Islamabad The event attended by over 120 esteemed guests showcased the latest advancements in information technology and recognized the significant achievements of the PEC in its automation drive The event commenced with a recitation from the Holy Quran, followed by a warm welcome note from the Head of IT The Registrar of PEC delivered remarks that highlighted the importance of IT in modern engineering practices A major highlight of the event was the IT Documentary which provided an insightful look into the various IT projects undertaken by PEC The documentary underscored the Council s commitment to integrating cutting-edge technology into its operations PR
the government
curb
influx
imported vehicles
local
protect the interests of local car manufacturers
ensure the sustainability of numerous livelihoods within the country “Local auto
has advised the government to intervene in this matter
suggestions of corrective measures
the upcoming budget for supporting the local auto industry,
Chief Executive, Indus Motor
while talking to a group of journalists here in Karachi on Wednesday He added that increasing duties (including indiscriminately implementing Regulatory Duty on all types of imported used cars instead of selective drive train) and taxes in the upcoming budget will provide an opportunity to regulate the excessive import of used cars into the country, along with helping the local auto industry to benefit from a slightly better business climate, stable exchange rate parity and a foreseeable reduction in interest rates PR Karandaaz, PostEx partner to digitise cash on delivery payments
auto industry has requested
to
the
of
through rationalizing taxes, in order to revive the
market,
and
industry
with
in
said
Company, Ali Asghar Jamali,
Karandaaz Pakistan an impact investment platform dedicated to driving sustainable economic growth and strengthening financial and social protection systems for inclusion, announced its partnership with PostEx, a leader in e-commerce logistics with over 20,000 registered merchants and a customer base of over 20 million This collaboration aims to transform Pakistan’s e-commerce landscape by digitalising cash-on-delivery (COD) payments This partnership falls under Karandaaz s ecommerce value chain digitalisation initiative, which seeks to revolutionise the e-commerce industry with a particular focus on converting cash to digital payments, fostering a vibrant digital economy with new opportunities Cash on Delivery (COD) remains the dominant payment method in e-commerce accounting for approximately 90% of all transactions This heavy reliance on cash presents a significant growth hurdle for the e-commerce industry, leading to operational inefficiencies and costs associated with managing liquidity PR
Governor chairs implementation meeting of PBA’s priority sectors initiatives KARACHI: The Governor State Bank of Pakistan (SBP), Jameel Ahmed chaired the first Steering Committee Meeting for the implementation of priority sectors initiatives recommended by the Pakistan Banks Association (PBA) The meeting focused on enhancing support from the banking industry in three key sectors of Agriculture, Small and Medium Enterprises (SMEs), and Digital & Technology in Pakistan The meeting was in continuation of an earlier discussion chaired by the Federal Minister for Finance & Revenue Muhammad Aurangzeb last month where he urged the banking sector to extend its full support to the government in operationalizing its strategic economic priorities pertaining to these sectors Governor SBP said, Our goal is to create a robust economic environment where businesses of all sizes can prosper These measures are designed to stimulate growth encourage innovation and support sustainable development We are committed to ensuring that our financial system provides the necessary support to drive economic recovery and long-term prosperity " The strategic measures are currently being implemented with the support of the PBA’s dedicated task forces and in close consultation with the SBP and the Ministry of Finance PR UBL extends PKR20 billion finance facility to Engro Fer tilizers Limited KARACHI: United Bank Limited (UBL) concluded a PKR 20 Billion bilateral finance facility for Engro Fertilizers Limited, a transaction that marks a significant milestone in bilateral relationship between a major conglomerate and a leading bank The signing ceremony was held at the UBL Digital Lab in Karachi Participants included senior executives from both institutions including Mr Farooq Barkat AliGroup CFO (Engro Corporation), Mr Imran KhalilCFO (Engro Fertilizers Ltd ), Mr Manzoor Hussain Zaidi – Group Executive (CIBG UBL), Mr Imran Sarwar – Group Executive (Risk & Credit UBL) and Ms Nadia Tabassum – Deputy Head (CIBG UBL) At the event Mr Farooq Barkat Ali Group CFO (Engro Corporation) expressed his appreciation for UBL executing one of the largest bilateral financings by any bank in an exceptionally short time frame PR
panel discussion
A recent study by the Lahore University of Management Sciences (LUMS), titled ‘Impact of Taxation on the Cigarette Sector in
has uncovered a pressing issue that demands
attention-the impact of tax policies particularly Federal Excise Duty (FED) adjustments on Pakistan s cigarette industry which is causing more loss to government in revenues loss than in revenue collection The study, led by the experienced Dr Kashif Zaheer Malik, Associate Professor of Economics at
reveals that the frequent and substantial
in FED have had a profound effect on the cigarette industry The LUMS study highlights the critical need for a balanced and effective tax policy that addresses tax evasion challenges
supports a level
field
manufacturers
report
KARACHI:
SBP
World Environment Day: Exper ts present novel ideas to address Climate Change at COMSATS’
Impac t of taxation on cigarette sec tor policies by government must be long sighted: LUMS Repor t ISLAMABAD:
Pakistan’
immediate
LUMS
increases
and
playing
for all
The
importance
comprehensive
PR OFIT N E W S D E S K
the Defaulters Segment have been removed including: Non-commencement of commercial production/business operations within 90 days as disclosed in the Prospectus Suspension of Central Depository System (CDS) eligibility by CDC Issuance of a qualified opinion on the going concern assumption by the statutory auditor Issuance of Show Cause Notice by SECP for winding-up proceedings (C) Events Leading to Placement in Non-Compliant Segment: A company may be placed in the Non-Compliant Segment for: Suspension of commercial production/business operations for a continuous period of one year Failure to hold its Annual General Meeting (AGM) or Annual Review Meeting (ARM) as per the law Failure to submit annual audited financial statements for the preceding financial year Failure to pay annual listing fees for two years or other dues to PSX Failure to join CDS after the security is declared CDS eligible Revocation of CDS eligibility by the CDC Issuance of a disclaimer or adverse opinion in the audit report by the statutory auditor Cancellation or revocation of a license by the SECP or licensing authority Failure to comply with any provision of Chapter 5 of PSX Regulations (D) Events Leading to Placement in Winding-up Segment: A company may be placed in the Winding-up Segment upon: Passing of order by SECP to file a winding-up petition in court Filing of a winding-up petition by the SECP, creditors, or shareholders in the Court Commencement of voluntary winding-up proceedings through a special resolution
g NEW RULES AIM TO ENHANCE TRANSPARENCY AND PROTECT MINORITY SHAREHOLDERS
PAKISTAN, ITALY AGREE TO ACTION
PL AN AGAINST ILLEGAL IMMIGRANTS
with his political colleagues also facing charges related to political unrest Notably his wife Bushra Bibi has appealed for an expedited hearing regarding her conviction which is set for June 7 The political and legal saga continues to unfold with Khan s potential release hinging not just on court rulings but also on the evolving political dynamics within Pakistan
Prime Minister Shehbaz Sharif said on Wednesday that China and Pakistan are determined to take the upgraded version of the China-Pakistan Economic Corridor (CPEC) to new heights to advance regional connectivity, integration, and common prosperity, thus forging a new era of growth and development for nations in the region and beyond Chinese President Xi Jinping’s state visit to Pakistan in 2015 was a milestone event of epoch-making significance for the development of bilateral relations, leaving me with fond memories and injecting new momentum into enhancing mutual trust and economic cooperation between the two countries
This visit has also pushed forward the construction of the CPEC to new heights attracting more Chinese investment into key sectors in Pakistan, creating more job opportunities, stimulating economic growth and promoting macroeconomic stability and development in my country
There can be no better practice to achieve a vision of common prosperity in the modern era
We are thankful to President Xi and the Chinese government for this strong support for Pakistan during challenging times, the prime minister wrote in an article published by Global Times ahead of his important meeting with the Chinese leadership here
While highlighting that the upgraded version of the CPEC promises an even brighter future, he said, both sides have jointly built a growth corridor, a livelihood-enhancing corridor an innovation corridor a green corridor and an open corridor which resonate with the people-centric development agenda of the Pakistani government
The CPEC has already taken
off at a swift pace promoting cooperation in industrialization agriculture, IT, and mining as priority sectors under the framework of the CPEC Infused with the spirit of win-win cooperation the upgraded version of the CPEC envisions over 60 high-quality cooperation projects Pakistan is dedicated to realizing this goal by further elevating its time-tested and enduring partnership with China to greater heights, he added
On his official visit to China at the invitation of Chinese Premier Li Qiang he said he said this is his first official visit to China since assuming the office of the Prime Minister this time B
paid within the specified due date However, subsequent instalments will incur a 14% markup, and any requests for payment extensions must be submitted before the bill’s due date In line with Nepra s directives power distribution companies (Discos) are
Published by Asad Nizami at Qandeel Printing Press, 4 Queens Road, Lahore, for PT Print (Pvt) Limited Ph: 042-36300938, 042-36375965 Email: newsroom@pakistantoday com pk PR OFIT N E W S D E S K As the federal government accelerates efforts to finalize the budget for the fiscal year 2024-25 various reports indicate that the finance minister has proposed a substantial 15-20% hike in salaries Sources within the finance ministry reveal additional details of the proposed budget adjustments Among them is a suggestion to raise the monetization policy for bureaucrats from Rs40,000 to Rs60,000, with a corresponding increase for officers up to Grade 20 from Rs65 000 to Rs105 000 The projected 10% salary increase for officers ranging from Grade 1 to 20 is expected to impose an Rs80 billion impact on the national exchequer Furthermore, there is a clamor for a substantial 200% surge in medical and conveyance allowances for employees falling within Grades 1 to 16 Currently, these employees receive Rs1 800 as conveyance allowance and Rs1 500 as medical allowance while officers in Grades 17 and 18 receive Rs5 000 as conveyance allowance The proposal also includes a doubling of the conveyance allowance, according to the sources In addition, it is noted that Grade 16 employees received a disparity allowance of 25% and 15% in 2021 and 2022 respectively The ministry now aims to sustain this allowance in the upcoming budget to bridge the gap between provincial and federal employees It is emphasized that these proposals for salary and allowance increases are in the preliminary stages, with the final decision to be made by Prime Minister Shehbaz Sharif in collaboration with the Ministry of Finance and the cabinet Gov t mulls 20pc payraise in upcoming budget PR OFIT M O N I T O R I N G D E S K Amid the intense Pakistani sun millions are investing in solar power to cut soaring electricity bills and reduce dependence on the unreliable grid However, the enthusiasm for solar energy might soon fade as a heated debate emerges over how much credit solar panel owners should receive for their excess energy The existing net metering system allows solar panel owners to offset their electricity bills with the energy they produce In contrast, the proposed gross metering system would require them to sell all their surplus energy to the grid, potentially at a lower rate than what they pay for grid electricity Rumors that Pakistani authorities might phase out net metering potentially influenced by discussions with the International Monetary Fund (IMF) sparked the current debate However the Ministry of Energy later clarified that no such decision had been made Initially, some countries, including Pakistan, considered gross metering to promote solar adoption, even providing support for rooftop installations If Pakistan reverts to gross metering it would be the first country to abandon net metering a move that analysts suggest may not be beneficial Aneeq Tabish, a solar energy expert, explained the core differences between net and gross metering Under net metering, excess daytime power is sold to the grid, and these credits can offset nighttime usage, making it cost-effective for consumers Conversely gross metering involves selling all generated power to the grid at a lower predetermined rate while consumers buy back electricity at higher retail rates For example, K-Electric charges consumers around Rs65 per unit, including surcharges and taxes, but buys solar-generated units at about Rs22 This significant rate disparity means that under gross metering households would need to generate three times their consumption to achieve zero billing which is often impractical due to limited rooftop space Switching to gross metering could lead to higher electricity costs for homeowners The first significant impact would be the rate difference, followed by tax implications Net metering involves no taxes since it operates on a credit system Gross metering however would introduce new tax liabilities on sold electricity increasing overall costs Solar savings at risk: Net metering vs. gross metering debate heats up in Pakistan PRAYER TIMINGS FA J R S U N R I S E Z U H R A S R M AG H R I B S H A 4:00 4:58 1 30 5:15 7:10 9:15 Thursday 6 June 2024 NEWS R OME S TA F F R E P O R T P A K I S TA N and Italy have agreed to a coordinated and effective action plan against illegal immigrants and human trafficking The development comes at a meeting between Interior Minister Mohsin Naqvi and Italian Interior Minister Matteo Piantedosi in Rome Minister for Overseas Pakistanis Chaudhry Salik Hussain was also present in the meeting The two sides also agreed to undertake joint efforts against drug trafficking On the occasion, Interior Minister Mohsin Naqvi said: “Steps have been taken at all levels to stop illegal entry of Pakistanis to Italy and to counter drug trafficking A zero-tolerance policy has been adopted against human trafficking and drug mafia” Mohsin Naqvi also spoke about the 146 Pakistanis imprisoned in Italy and demanded the handover of 42 to Pakistan He invited the Italian counterpart to visit Pakistan and that strong mutual cooperation would help stop human trafficking, anti-narcotics and border security In his remarks Chaudhry Salik Hussain stated Italy can benefit greatly from Pakistan s skilled manpower He emphasized the early finalization of the Skilled Manpower Agreement will discourage illegal immigration The Italian Interior Minister added his country will cooperate with Pakistan in matters of border security and human and drug trafficking He appreciated the steps taken by Mohsin Naqvi for the prevention of human trafficking and antinarcotics and assured cooperation for anti-narcotics, border security and human trafficking In the meeting the Italian Interior Minister Ali Javed Pakistan’s ambassador to Italy and senior officials of the Italian Interior Ministry were also present on the occasion PR OFIT N E W S D E S K Finance Minister Muhammad Aurangzeb voiced optimism on Wednesday about a potential reduction in the State Bank of Pakistan’s (SBP) key policy rate this year aligning with the current inflation trends A recent Reuters poll indicates that market analysts broadly expect the SBP to lower its key interest rate by 100 basis points (bps) next week, following seven consecutive meetings where the rate was maintained at a historic 22% This anticipated cut comes amid a backdrop of stabilized foreign exchange reserves and slowed inflation Aurangzeb while addressing the PakChina Business Forum in Shenzhen emphasized the stability in Pakistan s foreign exchange reserves, attributing it to both administrative measures and structural reforms He highlighted that inflationary pressures had eased to just above 11%, surpassing market expectations of 14% While acknowledging that the policy rate decision lies within the central bank’s purview Aurangzeb expressed confidence that the rate would decrease in tandem with inflation We have sufficient cushion in terms of maintaining a positive real interest rate, he stated Aurangzeb noted positive market reactions, with increased foreign investment in Pakistan’s stock exchange and a resurgence of fixed-income institutional flows signaling growing confidence in the country s economy The finance minister outlined Pakistan s strategic economic goals, termed the road to market strategy, focusing on export-led growth, foreign direct investment (FDI), and access to international capital markets He emphasized Pakistan’s intent to tap into Chinese capital markets and mentioned preparations for the country s first panda bond issuance inspired by Egypt s successful model from the previous year Pakistan aims to raise $300 million through these bonds, contingent on an improved credit rating A delegation of over 100 Pakistani businessmen and companies joined Aurangzeb exploring business opportunities ahead of the annual budget announcement Aurangzeb reported that Pakistan s foreign reserves stood at over $9 billion, equivalent to nearly two months of import cover, underscoring the quality of these reserves, which have not been accumulated through debt The SBP is expected to convene next Monday a week after Pakistan recorded its lowest consumer price index (CPI) in 30 months at 11 8% in May The upcoming decision will precede Pakistan s annual budget release, with a median forecast from a Reuters poll of 16 analysts predicting a 100 bps rate cut The forecasts range from a 100 bps to a 200 bps cut with one analyst anticipating no change Pakistan s economic activity has been sluggish over the past two years due to stringent reforms under an IMF bailout aimed at stabilizing its economy GDP growth is projected at 2% for the current fiscal year with a target of 3 5% for the next year anticipating economic recovery The government plans to seek a new long-term IMF bailout this summer, having completed a short-term program earlier this year that helped avoid a default The IMF has previously emphasized maintaining a tight monetary policy to control inflation which has significantly dropped from a peak of 38% last year to below 20% in recent months Economic analyst Uzair Yonus suggested that with the sustained decline in inflation and SBP’s cautious approach, there is now room to cut rates without jeopardizing IMF relations However Fawad Basir Head of Research at KTrade warned that upcoming tax reforms in the budget could significantly impact the economy He advised that SBP should wait for these effects to manifest in high-frequency data before adopting a dovish stance, potentially aligning with the US Federal Reserve’s strategy F i n M i n A u r a n g z e b a n t i c i p a t e s i n t e r e s t r a t e r e d u c t i o n b y S B P t h i s ye a r PR OFIT M O N I T O R I N G D E S K The National Electric Power Regulatory Authority (Nepra) has significantly scaled back a key relief program aimed at assisting power consumers in managing their electricity bills through multiple installments This move comes following amendments to the Consumer Service Manual 2021 effectively reducing options for consumers seeking payment flexibility Under the revised regulations approved by Nepra, consumers now find themselves with fewer avenues for bill repayment Previously available options for paying bills in instalments have been greatly curtailed Nepra s regulatory adjust-
aim to streamline bill settlement procedures, albeit at the expense of consumer flexibility Ac-
to the new guidelines, consumers can now opt for bill instalments only once a year No-
no interest will be levied on the first instalment if
mandated to issue computerized bills accommodating instalment plans and due date extensions This regulatory shift contrasts sharply with previous efforts to provide financial relief to consumers In August of the previous year, the interim government had mulled over proposals to permit bill payment in instalments, particularly targeting consumers burdened by inflationary pressures Initial discussions within the caretaker government had centered on allowing consumers with bills amounting to 400 units or less to spread their payments over six months However, this recent policy adjustment reflects broader trends within the power sector driven in part by external pressures such as stringent conditions imposed by the International Monetary Fund (IMF) in exchange for financial assistance to Pakistan These stricter policies and the subsequent rise in electricity rates underscore the complex interplay between domestic policy considerations and international financial obligations
elec tricit y bill relief
g PREVIOUSLY AVAILABLE OPTIONS FOR PAYING BILLS IN INSTALMENTS HAVE BEEN GREATLY CURTAILED g POTENTIAL POLICY SHIFT COULD IMPACT HOMEOWNERS' ELECTRICITY COSTS AND SOLAR INVESTMENTS Social activist Sarim Burney detained by FIA over human trafficking charges KARACHI I N P The Federal Investigation Agency (FIA) took social activist and entrepreneur Sarim Burney into custody from the Karachi airport on Wednesday According to sources in the FIA, Burney was arrested by a team from the FIA Anti-Human Trafficking Wing on Wednesday afternoon following a human trafficking complaint received from the US government It is alleged that Burney was involved in illegal adoption practices including human trafficking, spanning across the United States, Canada and other countries Sources further said that Burney’s activities had been under surveillance for an extended period and upon his arrival at the Karachi airport today he was taken into custody A case has been officially registered against the social activist The FIA additional director general for Karachi South added that an investigation would be conducted, taking into account all evidence and the case would be decided on its merit Khan faces potential new charges over controversial social media post , says PM’s aide ISLAMABAD M O N I T O R I N G R E P O R T Two days after being acquitted in the cipher case, Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan may soon confront new legal challenges according to Rana Sanaullah Advisor to the Prime Minister on Political and Public Affairs Sanaullah speaking on Geo News Capital Talk highlighted that the upcoming legal actions are unrelated to the outcomes of other ongoing cases against Khan, including the controversial “iddat case ” The Federal Investigation Agency’s (FIA) anticybercrime unit has initiated a probe into a contentious post by Khan further complicating his legal entanglements The post in question criticized historical figures, sparking significant public and legal attention Sanaullah accused Khan of leading the country into a deadlock, presenting only two pathways forward: dialogue or confrontation Despite the PTI’s inclination for confrontation Sanaullah emphasised the government s openness to dialogue noting the absence of engagement from Khan s party Despite recent legal victories, Khan remains detained at Adiala Jail,
PA K I S TA N - C H I N A F R I E N D S H I P g A REUTERS POLL INDICATES THAT MARKET ANALYSTS BROADLY EXPECT SBP TO LOWER ITS KEY INTEREST RATE BY 100 BPS
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BEIJING/ISLAMABAD S TA F F R E P O R T
u i l d i n g a b r i g h te r f u t u re fo r u p g r a d e d ve r s i o n o f C P E C i n n ew e r a
