The cement industry is one of the most important industries for real estate and infrastructure development. The sector has an economic impact on local economic indicators like employment and revenue generation. Amid the pandemic, global cement consumption declined across most regions.
In Pakistan, the cement industry holds significance as it is vital for much needed economic development in the country. All construction activities and infrastructural development carried out along multiple allied sectors that include steel, wood and tiles are directly influenced by the cement sector.
The Pakistani cement sector consists of 19 companies, of which 16 are operational, in Punjab, KPK, and AJK. Overall economic growth, development projects like China Pakistan Economic Corridor (CPEC), Naya Pakistan Housing Program (NPHP), and other government subsidized infrastructure projects drive growth in the cement sector. Pakistan’s cement consumption is around 182 kgs against a global average of 500 kg. The global average is more than double, which shows the immense potential for growth in cement demand.
To facilitate overseas Pakistanis for the purchase of residential and commercial property in Pakistan, the State Bank of Pakistan has announced the launch of the Roshan Apna Ghar scheme. The scheme is a part of the product offering under Roshan Digital Accounts for overseas Pakistanis. Under the Roshan Apna Ghar Scheme, non-resident Pakistanis will be able to purchase or obtain financing for a house in Pakistan through RDA.
The Roshan Digital Account has improved the methods of investment for overseas Pakistanis. It has diversified its services in the banking, investment and automobile purchase sector. Now it will also include the purchase of the residential and commercial property.
According to the SBP, the Roshan Apna Ghar is a new lifestyle banking product as it will help overseas Pakistanis buy property from the comfort of their homes. Anyone can buy or finance a house from a bank’s pre-approved projects or any other property. Since the tax regime is simple, the principal amount invested can be remitted abroad without any permission. The profit rates offer good financial incentives and the investment can be carried out in conventional and Shariah-compliant methods.
Recently, international food prices have increased. The government of Pakistan has acknowledged the increase as domestic prices of essential food prices has gone up over the record last three years. The government claims that it has limited the effect of global inflation on the domestic food market as it can push more people into poverty and malnutrition.
According to a statement issued by the Finance Division of Pakistan, it is yet to be confirmed if the international food prices have witnessed the highest levels in a decade. A data chart released by the finance division shows that the government has placed considerable effort into preventing international inflation from affecting the domestic prices of goods.