Fawad Chaudhry, the Federal Minister of Information and Broadcasting, has recently stated that the government has set a goal of producing 0.5 million cars under the new auto policy.
Following the cabinet session, the minister told the reporters that the government has set a 0.5 million production target under the new auto policy, up from the existing level of 240,000 automobiles produced.
He further stated that the auto sector is expanding, noting that the country now has 15 car manufacturers and that bank loans for automobile finance have climbed to Rs. 378 billion from Rs. 240 billion.
In the last two years, there has been a big increase in the manufacturing of cars, motorcycles, and tractors in the country, as well as a significant increase in sales.
Fawad Chaudhry added that wealth generation is improving, citing a 38 percent growth in both textile and IT exports.