Finance Minister Muhammad Aurangzeb on Monday said the government seeks to diversify beyond the banking sector for lending purposes and urged the country’s insurance industry to meet its growing demand. This includes expanding the sector by focusing on innovation, enhancing productivity, and driving further growth. The finance minister made these remarks during a meeting held with a delegation of chief executive officers (CEOs) from Pakistan’s leading insurance companies, read a statement released by the Finance Division. According to the statement, Aurangzeb assured the group that the government would carefully consider their proposals, particularly regarding taxation and policy measures necessary for the future growth of the industry. He highlighted that the consultative process for the upcoming federal budget had been deliberately advanced this year. Aurangzeb highlights increasing risks facing insurance industry “Over 90% of the process has already been completed, with recommendations, proposals, and suggestions received from various stakeholders, including the insurance sector,” he said. The finance minister emphasized that a team of experts at the Federal Board of Revenue (FBR) is diligently reviewing each proposal submitted by different sectors, ensuring that the impact on the economy and revenue is thoroughly evaluated. This process aims to develop realistic and actionable policy interventions that will foster the growth of the industry and critical sectors of the economy, he added. During the meeting, the former banker reaffirmed the government’s…