Prime Minister Shehbaz Sharif on Thursday announced a massive reduction in electricity prices, bringing relief to millions of consumers across the country.

While addressing a special ceremony, the prime minister declared that electricity tariffs for domestic consumers will be reduced by Rs 7.41 per unit, while industrial users will see a reduction of Rs 7.59 per unit.

In his speech, Shehbaz Sharif expressed optimism for the country's economic prospects, saying that a new dawn is around the corner. He stressed the importance of raising the revenue from taxes by 35% to ensure sustainable economic growth, and he pointed out the enormous scope for development in the agriculture sector.

The prime minister stressed that high electricity costs have long been a major hurdle in the progress of various sectors. He underlined that lowering power tariffs was essential to accelerating the country’s economic development.

Looking back on the crises his administration encountered, Shehbaz Sharif said that when his government came to power, the nation was on the verge of default, and economic uncertainty had reached its highest point. He lambasted the past leadership for having mismanaged the economy, saying that certain forces were even willing to let Pakistan collapse. Nevertheless, with resolve and sound judgement, the government was able to push through these problems and avert an economic meltdown.

The prime minister went on to claim that the macroeconomic indicators of Pakistan have shown improvement, acknowledging the inconvenience created by expensive electricity for both the public and business communities alike.

He assured the country that the government is fully aware of the plight of the common man and is determined to alleviate financial troubles.

Shehbaz Sharif also spoke of his optimism for the future, saying that if given the chance, his government will keep pushing economic growth. He said that inflation has now dropped to single digits due to the government's hard but essential economic choices. He promised to do more to solve long-standing economic problems and lead Pakistan towards prosperity.

The reduction in electricity prices announced as a relief comes as a timely solace for the public, both individuals and industries, with much-needed succour to economic activity and lessening the strain on the pocket.