KARACHI: The apex body of the trade and industry has welcomed some steps taken by the federal government’s financial team, led by Finance Minister Senator Ishaq Dar, in the budget for fiscal year 2015-16.
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Muahammad Adrees, while pointing out the positive sides of the budgetary measures at a press conference, hoped that reduction in export refinancing to 4.5 percent, permitting the private sector for setting up 25MW coal-based power plants would encourage the investors.
He, however, said that the most drastic indicator was depressed growth in Large Scale Manufacturing (LSM) which was set at 7 percent but could achieve only 2.3 percent.
Adrees said that the budget sets a growth target of 5.5 percent for financial year 2016 where as industrial growth rate is projected at 6.4 percent. It is surprising that last year GDP growth rate was projected at 5.1 percent, which achieved at 4.1 percent while industrial growth rate was projected at 6.9 percent but achieved only 3.2 percent, he said.
The FPCCI president said that some 69 tax proposals out of which 12 have been accepted and 10 have been accepted. Remaining 47 proposals being to either tax base broadening or ease to doing business will be discussed by the committees constituted by the government.
