President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said that the business community expects that federal budget 2018-19 will play important role in industrial development, economic stability and export promotion in the country. He said we congratulate government's performance during the current fiscal year.
Imports increased due to rise in development sector and CPEC project while exports could not reached the targets which causing USD 36 billion loss to balance of trade.
Mian Zahid Hussain while talking to news channels and the business community said remittances reached USD 14.6 billion, expected to be increased further up to USD 19 billion. Large scale manufacturing growth rate has been 6.33 percent while small scale manufacturing sector has attained the growth rate of 8.2 percent, which is far better and encouraging as compare to previous years.
Mian Zahid Hussain appreciated the increase of 10 percent in defence budget. He further said that budget for Public Service Development Programme is reduced by 18 percent, growth target of cotton crop is set to be 8.9 percent while livestock growth is targeted to be 3.8 percent in the coming fiscal year. Rs 1030 billion has been allocated for the development project and Rs 220 billion has been allocated for subsidies, huge portion of which can be saved through improvement of low performing public sectors.
He appreciated the amnesty scheme launched by this government and said that this will huge money will get back to Pakistan through this scheme. He further appreciated the deduction in the tax rate and said that exempting people earning up to 1.2 million per year from tax is very encouraging and will definitely improve the trade activities in the country.
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