FAISALABAD: President Faisalabad Chamber of Commerce and Industry (FCCI) Engineer Muhammad Saeed Sheikh has welcomed the new Federal Budget 2017-18 by terming it most realistic in the prevailing economic scenario.
He along with the other leading businessmen of the city participated in a special function in FCCI auditorium in which the budget speech of Federal Finance Minister Mr. Ishaq Dar was screened live from the National Assembly.
He said that the present budget is actually the continuity of the previous budgets of PML (N) Government and it is fact that all economic indicators have improved during these four years. He appreciated the fiscal policies of Ishaq Dar who is trying its optimum best to materialize the economic vision of Prime Minister Nawaz Sharif and put Pakistan on road to progress and prosperity. He mentioned that 81 percent increase in revenue during last four years is the outcome of best policies and efficient management of present Government. He was also appreciative of the provision of capital at the lowest mark up of 5.75% and said that it is also indicative of the prudent policies of the government.
Similarly, for industrial sector the long term finance is now available at 6 percent which inspired industrialists to import new machinery in order to further expedite the process of industrialization.
He also appreciated the decision to continue duty free import of textile machinery, zero rating of five export sectors and all other incentives already allowed to the textile sector. He said that all political parties should support the charter of economy so that we could achieve the ultimate objectives of progress and prosperity in addition to including Pakistan in 20 major economies of the world.
He also appreciated the announcement to clear the refund claims of sales tax and said that it will help textile exporters to settle down their financial issues.
Senior Vice President Rana Sikandar Azam however, criticized increase in duty on cement and said that it will have negative repercussions on the construction industry.
