Pakistan's auto industry in crisis; Only 6,034 cars sold in June this year
SUV being the most-purchased model. Meanwhile, as many as 3,27,487 units of passenger vehicles were sold in India in June, industry body SIAM said on Wednesday.
Pakistan's economy has been in a free fall mode for the last many years, bringing untold pressure on the poor masses in the form of unchecked inflation, making it almost impossible for a vast number of people to make ends meet. According to the State Bank of Pakistan, the cash-strapped country lost over $4 billion in remittances sent by expatriates to illegal channels in the current fiscal year, much higher than the amount the government struggled to secure from the IMF as a bailout.
The country received a total of $27.024 billion in remittances during FY23, against a record $31.278 billion in FY22, a decline of 13.6 or $4.254 billion, the Dawn newspaper reported. Pakistan and the IMF reached a long-awaited staff-level agreement on June 29 to inject $3 billion Standby Arrangement into the ailing economy after months-long negotiations that pushed the country to the brink of default.
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