LCCI gives mixed reaction on budget

LAHORE: The Lahore Chamber of Commerce and Industry has given a mixed reaction on the federal budget 2018-19 and called for addressing the reservations of the business community in the National Assembly where the budget document would be debated.

Addressing a press conference, LCCI President Malik Tahir Javaid, flanked by Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil, said that some good announcements including limit enhancement for income tax exemption, removal of Regulatory Duty on important raw materials, increase in development budget, allocations for agriculture & livestock sectors and raise in pensions etc. have been made in the budget while there are also some lacunas that must be addressed.

Former office-bearers and LCCI Executive Committee members were also present on the occasion.

Malik Tahir Javaid said increase in allocations for water and power projects would help in getting rid of energy crisis. Funds for infrastructure development would also attract foreign investment; he said and added that increase in defence budget was need of the hour as the country was facing security challenges.

He also welcomed announcement for refunds, agriculture support fund and composite audit.

The LCCI President said no measure has been suggested to reduce deficit as over Rs.1600 billion has been allocated for debt servicing. Borrowing should not be the part of government policy to overcome the budget deficit.

He said that the best way to reduce the budget deficit is to promote economic growth as it will enhance government revenues.

Malik Tahir Javaid said Kalabagh dam is also not a part of the budget, which means the country will not have a new big reservoir.