As of 2021, many new auto policies were introduced including the New Vehicle Financing policy. Now it has been notified that before starting of 2022 government is working on the implementation of the new auto policy. The Ministry of industry and production is expected to present the new auto policy to the federal government.
Summary of Report
Secretary of industry and development notified the parliamentary panel yesterday that according to the new policy there will be many improvements in the manufacturing of new vehicles in Pakistan. On top of those developments will be the safety features of the vehicle. Basic security features are about to be mandatory in the future production of vehicles. Along with this ‘Own Money’ concept will be discouraged as it is afflicting the Auto Industry in Pakistan.
In the report, it is mentioned that Rana Tanveer Hussain (Charmain of Public accounts Committee) asked for an explanation from the Competition Commission of Pakistan and EDB for their role in the automobile industry development in Pakistan.
Impact
Currently, the main concern is that, due to New Vehicle Financing Policy, import is completely discouraged and, because of this, the buyer in Pakistan will have very limited options available. The thing is that do the Pakistan Auto Mobile manufacturers have the capacity to fulfill the need of the people? Or will they provide the features of imported vehicles in locally manufactured vehicles? If the new Auto Mobile Manufacturing policy will be implemented then we can hope that the buyers in Pakistan will get the proper alternate of imported vehicles.
Govt. must have to take steps to make sure that the local manufacturing units are meeting the requirements of buyers in Pakistan and also should have to make sure to bring the cost of vehicles as much lower as possible.
