Governor Punjab Lieutenant General Khalid Maqbool (Retd) has said that some elements are conspiring to further heat up political issues and indulging in violent politics with ulterior motives to deprive people of the economic benefits.
Addressing businessmen, industrialists and exporters at Faisalabad Chamber of Commerce and Industry Complex here he said that the government and the business community are enjoying cordial relationship and this co-operation and understanding would continue for the promotion of healthy business activities in Pakistan.
He paid rich tributes to the leadership of President Musharraf and said that continuity of his economic policies have not only dragged Pakistan out from crisis but also put it on road to progress and prosperity.
Rejecting the negative politics of strikes and destruction, masses have reposed full confidence in the sagacious leadership of President General Pervez Musharraf and his far-sighted policies aimed at the betterment of people and the country, he added.
Governor Punjab said that Pakistan was at the verge of economic collapse when economic sanctions were clamped in 1999. However, leadership and policies of President Musharraf has stabilised national economy." It has not only absorbed the major shocks of earthquake and oil crisis", he said and added it has now become an integral part of global economy. He said that in spite of tough competition, we have achieved successfully our growth targets in various sectors of economy.
About the federal budget, he said that it clearly depicts economic vision and commitment of the government to pass the benefits of economic growth down to the common people. He said that rate of taxes and duties have been trimmed in spite of increase in funds for socio-economic development.
He said that salaries and pensions have been increased while government employees have been promoted in higher grades. "It is not for the first time that salaries of government employees have been increased", he said and added that it is the fifth consecutive term that the government employees are getting increase in their salaries.
The Governor said that no tax has been levied on capital market, equity fund, insurance industry or micro finance while R&D (Research and Development) facility has been given to the value added textile sector. He said that the government has also announced the facility of Long Term Finance (LTF) for spinning sector to pull it out of crisis.
The Governor said that discussion on federal budget would continue for the next 10-15 days and asked the businessmen to give viable suggestions to further improve the budget document. The Governor Punjab also lauded the efforts of CBR and said that it should be given credit for introducing simple and easy sales tax system as compared to many developed countries.
He also mentioned the rate of withholding tax and said that it has been reduced while cotton oilseed has also been declared zero-rated. Similarly, subsidy has been given on fertiliser while 20 percent subsidy on electricity on agriculture tubewells would further facilitate farmers to strengthen rural economy. He said that 4 percent of GDP has been allocated for education, adding that there would be no shortage of funds for future development.
Earlier, in his address of welcome, Muhammad Ayub Sabir, president, FCCI termed the federal budget as balanced and said that best steps have been taken to spur industrial and business activities in addition to giving much needed relief to the masses. He said that our foreign exchange reserves have been swollen to 15 billion dollars while the GDP growth rate during the last four years stood at record 7 percent.
Rana Zahid Tauseef City District Nazim said that it is the best budget in the present circumstances and the government has tried its best to ensure balanced growth of all sectors of economy. Sheikh Khalid Pervaiz president Yarn Merchants Association, Mian Zahid Aslam Chairman Pakistan Textile Exporters Association, Khurram Iftikahr chief Executive Officer Faisalabad Industrial Estate Development and Management Company, Mian Aftab Ahmed Chairman All Pakistan Textile Processing Mills Association also addressed the function and appreciated the government for presenting the best possible budget. Later, Governor Punjab also inaugurated the new secretariat block of the FCCI.
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