ECC approves continuation of RCET for export oriented sectors during CFY 2022-23
Business
ECC approves continuation of RCET for export oriented sectors during CFY 2022-23
ISLAMABAD (Dunya News) – The Cabinet’s Economic Coordination Committee (ECC) Monday approved continuation of Regionally Competitive Electricity Tariff (RCET) for export oriented sectors during CFY 2022-23 and decided that electricity may be provided at Rs. 19.99 per kWh all inclusive to five export oriented sectors namely textile including jute, leather, surgical and sports goods across country from October 1, 2022 to June 30, 2023.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet, said a press release issued by finance division.
In view of the higher cost on import of wheat associated with the two proposals, ECC approved the proposal that both amendments to TCP tender inspection may be dropped for the time being.
However, pre-shipment inspection should be ensured at the loading port from the top four inspection firms by TCP/Ministry of Commerce. TCP was also directed to issue fresh tenders to ensure import of allocated quantity of Wheat.
Ministry of National Food Security and Research presented a summary to consider proposals to use Gwadar port and revision of procedure for pre-shipment inspection agency for import of Wheat.
The ECC was informed that the reasons for higher price in limited bids received, in tender dated September 26, 2022, was increased risks due to change in inspection regime and port.
Further, the ECC also approved Supplementary Grant of Rs. 410.181 million in favour of Ministry of Interior for expenses relating to law and order
The ECC deferred summary of Ministry of National Food Security & Research on profitable support price of Wheat Crop 2022-23
Federal Minister for National Food Security and Research, Chaudhary Tariq Bashir Cheema, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Federal Secretaries and senior officers attended the meeting.
