Islamabad, Pakistan – Finance Minister Senator Muhammad Aurangzeb announced a significant focus on solar energy in the budget speech for fiscal year 2024-25. The government has allocated Rs253 billion to the energy sector, with a priority on promoting renewable energy sources, including solar power.
The aim is to diversify the energy mix and enhance sustainability, reducing the country’s reliance on traditional energy sources. This move is expected to boost the solar industry in Pakistan, creating new opportunities for investment and job creation.
The government’s commitment to solar energy is part of a broader effort to address energy challenges and foster a more robust and resilient energy infrastructure. Other key focus areas in the energy sector include reducing transmission and distribution losses, privatizing distribution companies, and curbing energy theft.
The budget comes as Pakistan seeks to secure another bailout package from the International Monetary Fund (IMF) and is likely to present a total outlay of 18 trillion rupees. The government has set a revenue collection target of over Rs.12 trillion for the fiscal year 2024-25, considering the robust growth of revenues during the current fiscal year.
The promotion of solar energy is a step in the right direction for Pakistan, which has immense potential for renewable energy. This move is expected to contribute to a cleaner and more sustainable energy future for the country.
