FPCCI emphasizes special steps for development of SMEs in budget

KARACHI: President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Ikram Sheikh emphasized that the government should announce a special in the budget for the development of small and medium industry.

Giving suggestions regarding the upcoming budget of 2025-26, he said that the promotion of small and medium scale industry is indispensable for the development of the economy. He said that the budget coming at the time of economic take-off will set the roadmap for the future and added that there is need to build a sustainable basis for reducing electricity prices.

He expressed that there is a mountain in the form of circular debt, which requires an immediate solution. Long-term planning for debt repayment should be included in the budget, he suggested.

About solar policy he said that the policy should be prepared in a way that it covers the interest of both the government and consumers. Interest on loans can be frozen for a specific period to reduce economic pressure and local or global investment is a lifeline for the economic future. He said it is necessary that the informal economy sector should bring in formal economy and tax net should be Increase. Coordinated implementation of policies through SIFC and measures in the budget are essential, said Atif Ikram Sheikh.

The industrial sector needs to be further promoted and Pakistan needs to increase its production. The President said that appropriate steps should be taken to accelerate the privatization of institutions like PIA, DISCOs, Railways, Steel Mills and added Pakistan’s progress in privatization in the current financial year is not encouraging.

Regarding agricultural sector he said it is backbone of Pakistan’s economy and suggested that the government should take maximum steps in the budget to facilitate farmers. Sustainable water use system, construction of new water storages should be a priority, he added.

About construction sector the president suggested that a special package should be announced in the budget for the revival of the construction sector. He emphasized that tariff policy should be made to discourage imports and promote local products.

Copyright Business Recorder, 2025