LAHORE: South Asian Association for Regional Cooperation- Chamber of Commerce and Industry (SAARC-CCI) and United Business Group (UBG) in the federation of Pakistan Chamber of Commerce and Industry (FPCCI) termed the federal budget 2021-22 as tax free, balanced, growth and export oriented with a basket of excellent package of incentives to accelerate the economic activities across the country in prevailing circumstances in the wake of COVID-19 pandemic.
Commenting on the federal budget presented by Finance Minister Shaukat Tarin in the National Assembly, President SAARC Chamber and Central Chairman United Business Group (UBG) Iftikhar Ali Malik hailed the epoch making historic reforms for ease of doing business.
Malik said that the remarkable measures announced in the budget would help set a proper direction of the national economy to flourish as well as uplift poor segments of the society.
He said economic indicators would show an upward trend and GDP growth improve significantly with better remittances.
He added that it’s established phenomenon that survival of a state mainly rested on sound economy. He hoped that Pakistan would progress in every sphere of life following the prudent economic policies.
Appreciating the wise decision of the Prime Minister Imran Khan not to increase power and gas tariff and ley new taxation which would ultimately provide solace to businesses community, while incentives packages would help accelerate the economic activities in the country and boost exports.
Iftikhar Ali Malik said that Pakistan’s economy was going through a challenging phase due to the outbreak of global COVID-19 pandemic, adding that manufacturers, traders, retailers, importers, exporters and other business community were in distress and facing huge financial losses due to the current emergency situation. However, he said the government took extraordinary bold decisions to overcome this crisis.
President UBG and former FPCCI President Zubail Tufail stressed the urgent need to enhance agricultural growth to its maximum size as Pakistan could not progress without a developed agricultural sector. “The previous governments had adopted wrong policies which resulted in increased agricultural cost and decreased revenues,” he pointed out. He said it was the dire need of the hour to use the modern techniques for increasing the per acre yield, adding, the government allocated record funds for the research and development activities to put the agri-sector on modern scientific lines.
Zafar Bakhtawari Secretary General UBG and former VP FPCCI also appreciated Prime Minister Imran Khan for allocating sufficient funds to improve the capacity of hydropower to fully ensure uninterrupted power and gas to industries for timely exports to their foreign designation.
Mirza Ikhtiar Baig former SVP FPCCI and secretary Information UBG hoped that all irritants if any in the budget would be removed to the satisfaction of the business community which was the source of financial strength of the government.
