{
  "id": 16320136,
  "title": "Aurangzeb rules out consumption-led growth, says tariff reforms will continue",
  "url": "https://urgent.news/2026/10/24/aurangzeb-rules-out-consumption-led-growth-says-tariff-reforms-will",
  "topic": "world",
  "section": "World",
  "published": "2026-10-24T11:54:17.000Z",
  "source": {
    "name": "Dawn",
    "slug": "dawn",
    "url": "https://www.dawn.com/news/2039483/aurangzeb-rules-out-consumption-led-growth-says-tariff-reforms-will-continue"
  },
  "original_language": "en",
  "account": "Finance Minister Aurangzeb has dismissed the idea of consumption-led economic growth in Pakistan, emphasizing the need for sustainable, export-driven expansion instead. Speaking at an event in Lahore, Aurangzeb stated that Pakistan cannot afford to repeat the cycle of import-dependent growth that previously caused balance-of-payments issues. He continued to push for tariff reforms aimed at reducing the cost of raw materials and intermediate goods for exporters, despite concerns about the timing. The government has already implemented measures like eliminating super taxes, lowering tax slabs, and providing financing for exporters at a reduced rate. Aurangzeb highlighted the importance of employment generation, drawing comparisons between Pakistan's growth trajectory and that of its neighbor. He cautioned that economic growth must create jobs, particularly in sectors driving growth. Global economic outlook remains uncertain, with Aurangzeb noting growing disparities between oil-exporting and oil-importing countries, as well as economies benefiting from artificial intelligence. Energy shocks, the El Nino weather phenomenon, and high debt levels were also mentioned as challenges. Despite these issues, Pakistan has made progress in narrowing its twin deficits, reducing the fiscal deficit to its lowest in 22 years and recording primary surpluses for three consecutive years. The current account deficit has also narrowed, supported by remittances and IT exports. Foreign exchange reserves have improved to over three months of import cover, and a recent Panda bond attracted more investment than initially anticipated. Energy security remains a concern due to the ongoing Middle East conflict, but the government has shifted from blanket subsidies to targeted support. The finance minister acknowledged climate change and population growth as major challenges, urging measures to address the country's 2.55% population growth rate.",
  "summary": "Finance Minister Muhammad Aurangzeb has ruled out pursuing liquidity-fuelled, consumption-led economic growth, saying Pakistan must prioritise sustainable, export-led expansion and continue with tariff reforms to improve the competitiveness of its industries. The finance minister was speaking at the Lahore University of Management Sciences (Lums) on Saturday at an event organised by the American…",
  "key_points": [
    "Finance Minister Aurangzeb rejects consumption-led growth in Pakistan.",
    "Pushes for tariff reforms to lower costs for exporters.",
    "Highlights job creation importance, citing neighbor's growth."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}