Prime Minister Shehbaz Sharif announced on Tuesday that no new duties will be imposed on solar panels to ensure the accessibility of renewable solar energy for the general public.
“We will make low-cost renewable solar energy available to every citizen,” he stated while presiding over a federal cabinet meeting in Islamabad.
He further emphasized the government’s plans to boost the economy, particularly by increasing exports through the development of small and medium-scale industries. “The privileges of the elites over the country’s resources will be abolished,” he added.
The prime minister highlighted that the economic security of common people and providing equal development opportunities are among the government’s top priorities.
To promote the domestic solar panel industry, the federal government has decided to offer tax concessions on the import of raw materials and components used in the manufacturing of solar panels, inverters, and batteries.
During his budget speech on June 12, Finance Minister Muhammad announced tax incentives for the local production of solar panels, inverters, and batteries to reduce the country’s dependence on imported solar panels and conserve precious foreign exchange.