KARACHI: Small traders on Friday called the federal fiscal budget 2023-23 ‘disappointing’, saying that no end to the inflationary trend is in sight.
They also believed the budget, which is the presentation of the PDM coalition rule, will have no backing from anyone in the government since it is a “formality”.
“This was expected to be an election year and everyone including the traders anticipated some relief but only taxes we get,” Mehmood Hamid, President Karachi Chapter of Organizations of All Pakistan Small Traders and Cottage Industry said.
He said that there will be nobody in the government to shoulder responsibility for this budget, saying that the inflationary trend is still feared to hike. “Without a political stability, there is no economic stability,” he said.
About 10 percent of small traders have suffered bankruptcy and more are to follow, he feared, saying that there is no fiscal plan with the government to streamline businesses. No practical plans are there to boost economy, he said.
The political infrastructure is worsened, he said, adding that the economy is even in tatters. “We had no big hopes from this budget but some thought for a relief, which could not happen,” he said.
Copyright Business Recorder, 2023
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