Minister for Petroleum Musadik Malik has said the government is pursuing a comprehensive strategy through innovation to make the country self-reliant and progressive.

Addressing a ceremony in Islamabad today (Thursday), he said innovation in the Oil and Gas Development Company Limited has led to increase its production up to 10,000 barrels.

The Minister said there will be no need of the IMF if just four companies adopt this innovation and new technology, which is ensuing a silent revolution.

Musadik Malik said deregulation envisages the promotion of private sector in combination with the downsizing within the government departments.

Turning to economic situation of the country, the Minister said inflation has reduced in the country due to the significant decline in the interest rate, convincing the investors to invest in the country.