Rs 2,946 cr in loans for SC/STs, women in Karnataka under Stand Up India
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Business Recorder
a minute ago
- Business Recorder
PDWP Punjab approves three uplift schemes worth Rs8bn
LAHORE: The Provincial Development Working Party (PDWP) of Punjab has approved three major development schemes worth over Rs 8 billion during its 11th meeting for the fiscal year 2025–26. The meeting was chaired by Chairman Planning & Development Board Punjab, Dr Naeem Rauf. These schemes, spanning multiple sectors, carry a combined estimated cost of Rs 8,067.818 million and are aimed at enhancing public service delivery, promoting aquaculture, and strengthening the post-harvest agricultural infrastructure in Punjab. Among the approved projects is the establishment of Hospital Management Information System and Queue Management Systems (PACS) in the hospitals of Specialized Healthcare & Medical Education (SHC&ME) Department. This revised scheme is expected to streamline hospital operations and patient management with an allocation of over Rs 4.179 billion. Another significant initiative is the Establishment of Aquaculture Malls in Punjab which aims to promote modern fish farming and seafood-related commerce. This revised project has been allocated over Rs3.838 billion. In the agriculture sector, the PDWP approved the Punjab Agri-Commodities Storage & Packaging Initiative: Community-Based Post-Harvest Infrastructure Development (PC-II), aimed at developing post-harvest facilities at the grassroots level. The estimated cost of this project is Rs50 million. The meeting was also attended by Secretary P&D Board Rafaqat Ali, Chief Economist Masood Anwar, members of the Planning and Development Board, and other senior officials. Copyright Business Recorder, 2025
India.com
2 minutes ago
- India.com
India's Pharma Exports Have Shot Up By 92% In Last 6 Years: Minister
New Delhi: Various schemes being implemented by the Centre to realise the vision of Aatmanirbhar Bharat in the pharmaceutical sector have resulted in India's exports of drugs and pharmaceuticals increasing by 92 per cent, from Rs 1,28,028 crore in FY2018-19 to Rs 2,45,962 crore in FY2024-25, the Parliament was informed on Friday. The schemes include the Promotion of Research and Innovation in Pharma MedTech Sector (PRIP) scheme, the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, the PLI Scheme for Bulk Drugs, Scheme for Promotion of Bulk Drug Parks, and Strengthening of Pharmaceutical Industry scheme, Minister of State for Chemicals and Fertilisers Anupriya Patel told the Lok Sabha in a written reply to a question. The PRIP scheme has been launched with an outlay of Rs 5,000 crore to transform India's Pharma MedTech sector from cost- to innovation-based growth by strengthening research and promoting industry-academia linkage for research and development in priority areas in drug discovery and development and medical devices. Under this scheme, seven Centres of Excellence (CoEs) have been set up, she said. The PLI Scheme for Pharmaceuticals aims to enhance India's manufacturing capabilities by increasing investment and production in the sector and contributing to product diversification to high-value goods in the pharmaceutical sector. The minister said that the scheme has enabled enhanced investment and production in eligible products. As of March 2025, the committed investment of Rs 17,275 crore targeted over the six-year period of the scheme stands substantially exceeded with a cumulative investment of Rs 37,306 crore made by the scheme's third year, and cumulative sales of approved products of Rs 2,66,528 crore have been made, including exports of Rs 1,70,807 crore. The PLI Scheme for Bulk Drugs, which has a total budgetary outlay of Rs 6,940 crore, aims to avoid disruption in the supply of critical active pharmaceutical ingredients (APIs) used to make critical drugs for which there are no alternatives by reducing supply disruption risk due to excessive dependence on a single source. As of March 2025, the committed investment of Rs 3,938.5 crore under projects approved under the scheme for investment over the six-year production period of the scheme stands substantially exceeded with a cumulative investment of Rs 4,570 crore made by the scheme's third year, she further stated. The minister also highlighted that the government launched the Pradhan Mantri Bhartiya Janaushadhi Pariyojana scheme to make quality generic medicines available at affordable prices to all. Under the scheme, dedicated outlets known as Jan Aushadhi Kendras (JAKs) are opened across the country to provide medicines at prices that are about 50 per cent to 80 per cent lower than those of leading branded medicines in the market. Till June 6, 2025, a total of 16,912 JAKs have been opened, and on average, about 10 to 12 lakh persons visit these Kendras daily and avail of quality medicines at affordable prices. As many as 2,110 medicines and 315 surgicals, medical consumables and devices are under the scheme product basket, covering all major therapeutic groups, such as cardiovascular, anti-cancer, anti-diabetic, anti-infectives, anti-allergic and gastro-intestinal medicines and nutraceuticals. As a result of the scheme, in the last 11 years, estimated savings of about Rs 38,000 crore have accrued to citizens in comparison to the prices of branded medicines. Further, the scheme has provided self-employment to over 16,000 persons, including over 6,800 women entrepreneurs, the minister added.
Express Tribune
2 minutes ago
- Express Tribune
Fixing Karachi: Unlocking the Gridlock
Listen to article If there is one thing that repeated financial crises, whether domestic or international, have taught us, it is that financial independence is crucial for the survival of all levels of government. If financial stability does not exist, or if it exists but each level of government is not financially independent, then there lies little possibility for the respective government to continue doing its job. The era of financial dependence has long gone. While one of the largest revenues of the local governments is property taxes or municipal taxes, there is yet another substantial way of generating funds for meeting the needs at the grassroot level. In the financial world, such instruments are called "munis", the short form for municipal bonds. The idea behind municipal bonds is that they provide funds to local governments for development projects at a rate lower than banks would. Essentially, municipal bonds operate very similarly to government bonds (commonly called treasuries) wherein the municipality utilizes its good name as well as its credibility to seek funds from financial institutions as well as the public, who in turn are provided a fixed rate of return with the surety that there is minimal (practically zero) risk of default. Municipal bonds come in two broad types: secured and unsecured. Secured bonds are when an asset of a municipality is pledged for raising funds. Unsecured munis are what they appear to be; that is, they are unsecured to the extent that no specific asset is pledged. However, they do have the guarantee of the municipal government ensuring that the interest payments on the bond will be made and eventually the principal will be returned. Karachi is a humongous city with exceptional potential. It has become a common political comment in drawing rooms and dinner parties that Karachi generates the highest amount of revenue, yet the same is not being spent on the city. I would argue that there is more to this calculation than meets the eye. Suffice it to say at this stage that Karachi does not have the funds at the municipal level to ensure its development and the city is not financially independent. A ray of hope that appeared on the horizon is by virtue of MUCT (Municipal Utility Charges and Taxes) collection through K-Electric bills. This has resulted in a monthly revenue of nearly Rs 200 Million. In the 10 months of the last financial year, KMC received an amount of more than Rs 1.9 Billion as opposed to the previous annual collection of only Rs 155 Million. One must remember that MUCT is not a new tax and had always been in existence. However, there has never been a mechanism to properly collect this levy and realize its potential. The Karachi Metropolitan Corporation, through out-of-the-box thinking and keeping in view the ground realities of the city, partnered with a utility company to ensure recovery of MUCT. This has resulted in major financial gain for KMC, and the results of it can be seen every day around the city in the form of its development projects. Though one may question the quantum of development by KMC compared to the gigantic size of our city, however, after a long time KMC's presence in terms of development as well as rehabilitation appears to be visible and one is hopeful that the same will continue fairly, transparently and equitably. With that being said, the money recovered through MUCT is certainly not enough. Even otherwise, a lot of times money is needed now, whereas the revenue is likely to come in the next 5 to 10 years. That is where the concept of municipal bonds can be a game changer for the city of Karachi. Essentially, what is being proposed is the issuance of bonds to investors. Initially, these may be Pakistani investors. However, subject to regulatory approval, foreign investors may also be included. This will help raise money for funding development projects at very low rates, thereby ensuring financial viability and independence for the city of Karachi. Municipal bonds are utilized across the world in cities like New York, London, Ahmedabad and Pune, among others, to borrow money and fund development projects. India's municipal bond market, although nascent, has raised INR 5000 Crores which have directly translated into development works. Likewise, New York City has for decades funded subway expansions, schools and bridges through muni bonds. Municipal bonds have achieved the same feat for all such cities which have issued them. The precedent is clear. On state level, in Pakistan, the Government of Pakistan regularly issues bonds to local and foreign investors for the purpose of funding its development and day-to-day needs. Hence, while this is a novel idea from the perspective of a local government in Pakistan, it certainly is not new to the financial world. The only differentia between municipal bonds and those issued by the state will be the level of government backing it. They would operate in a similar manner. At its core, this structure would empower Karachi to raise capital independently, enabling it to fund critical infrastructure and development projects without being reliant on federal or provincial handouts. The advantages will be far reaching: fiscal autonomy, timely project execution, public trust of Karachiites, and urban renewal. Bringing such a structure to Karachi through KMC is not just about finance. It is about redefining the city's capacity to shape its own future. The time for bold and systemic solutions is now. While nay sayers may question it by arguing that the Federal Government should be contributing or the Government of Sindh should be funding it since Karachi is the biggest contributor to the national or provincial exchequer, the argument would be futile since nay sayers have to just say "nay" and not account for their sayings. As Mayor, though with some effort, I am able to get funding from the Provincial Government, Federal Government is completely apathetic to the needs of our city and I don't see that lax attitude changing. With such a predicament staring me straight in the eye, one is left with two options: first is to fight incessantly throughout the term and hope for handouts, or secondly to take the driving seat and enhance KMC's own revenue base. Needless to say, that the latter is a more solution oriented approach. It is my firm belief that the only way for the city of Karachi to progress and come at par with international municipalities is by way of financial independence. The concept of municipal bonds as proposed will be a major step in this direction not only for the city of Karachi. But it will also prove to be a benchmark for all other big cities of Pakistan and municipalities. Let us hope that this time around we will not get stuck in petty politics but will rather focus on the bigger picture. This city belongs to all of us, and I hope that people from all quarters will support in this endeavourso that we, Karachites, can realize the immense potential of this unique metropolis. Let me conclude by drawing influence from a Chinese proverb which I am rephrasing as "the best time to act was yesterday, the second-best time is TODAY". It is time we ACT. Writer is serving as the 28th Mayor of Karachi
