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ISLAMABAD: The lawmakers on Saturday emphasised on export-led growth, alternative sources of energy and tax reforms for sustainable growth in the country.

The parliamentarians said economic discipline and fiscal consolidation is significant for the recovery of external debt, which the government needs to focus on.

They also gave comprehensive proposals for documenting the country’s economy.

Participating in the budget debate, Dr Mirza Ikhtiar Baig, MNA, Pakistan People’s Party (PPP) said the industries should be encouraged in the Budget 2024-25, so that industrial growth can take place in the country to provide employment opportunities to the people.

He said that the decision of tax duties on electronic vehicles should be delayed so that alternative sources of energy and transportation can be promoted in the country.

Senior lawmaker said exporters should be given relief so that there can be export-led growth in the country.

He said the export industry is not going above $ 30 billion, and the textile exports are also standing at $16 billion.

The Industrial sector in the merged district of tribal areas should not be tax-free, he said.

Budget 2024-25: PSX proposes tax reforms to boost capital market

He said the tax on the salaried class is already high, it should be withdrawn and they should be incentivised.

He said agricultural inputs have been taxed, which will increase the cost of production and inflation in the country.

The government has controlled inflation, which is a commendable and good move, he said.

Syed Mustafa Kamal, MNA, MQM said now economic emergency is required in the country and at this critical time all the political parties should sit together and resolve the economic problems.

He said there is a need for economic discipline and fiscal consolidation in the country, which will lead to sustainable growth in the country.

He said the volume of internal debt is larger than the external debt, at this time the country should make a comprehensive plan to get out of the debt trap.

Kamal said the State-Owned Enterprises (SOEs) and independent power producers (IPPs) are currently a burden on the country’s economy and it needs to be resolved through a comprehensive strategy.

He said steps are needed to end the interest system in Pakistan and this will lead to economic growth in the country.

The MQM leader proposed that the country’s elite, including members of parliament, should donate 25 percent of their personal assets for the repayment of foreign loans.

Abdul Qadir Patel, Senior leader of Pakistan PPP and MNA said that “we need a comprehensive plan for economic development so that there can be sustainable economic growth in the country.

He said all political parties should form a good economic team for comprehensive economic planning so that good economic policies can be formulated in the country.

He said that the basic unit of the country’s economy is a household and when people are prosperous, the economy is developed.

Patel said that the country is currently facing economic challenges and there is a need for a plan to repay the external debt.

In the Budget session the opposition is unable to give any comprehensive proposals for economic development and reforms; rather, criticism after criticism is being made in the budget session.

Earlier, the leader of Opposition in the House Umar Ayub Khan on point of order said that China Pakistan Economic Corridor (CPEC) is key for the economic development of Pakistan, which is an excellent example of economic cooperation between China and Pakistan.

He said that the leadership of the Communist Party of China recently visited Pakistan and it is the best time for the government to pave the way for economic development and investment through bilateral comprehensive negotiations.

Umer Ayub said that security and economic development is necessary for each other, therefore, for economic development, there is a need to pay close attention to internal security.

He said that in order to deal with the country’s economic challenges, the government should seriously take all stakeholders on board, so that the confidence of the business community and investors in the country is restored.

Pakistan Muslim League Nawaz senior leader Hanif Abbasi, while participating in the budget debate, urged all political parties to work towards strengthening democracy and parliament.

He highlighted the sacrifices of the Pakistan People’s Party and the Pakistan Muslim League for the strengthening of democracy. He commended the PPP for rendering unmatched sacrifices for the restoration of democracy.

He said that PML-N and PPP leadership always worked for the progress, prosperity and development of the country. He said that both parties never spoke against the interests of the country.

He appreciated the government for not proposing taxes on solar energy and medicine in the budget.

He said that due to the efforts of the prime minister, work on the CPEC had been restored. He said that Saudi Arabia and the UAE are willing to invest in the country.

Hanif Abbasi that whenever the country makes progress, conspirators try to sabotage it. He asked for the revision of taxes on the salaried class and incentives for exports.

He said that the culture of tolerance in the country’s politics had been ended by the Pakistan Tehreek-e-Insaf. He condemned the misleading campaign and attacks against state institutions.

The PML-N leader said that he was politically victimised by the PTI leadership and urged the government to hold accountable the people behind the May 9 incident.

Senior leader of the Sunni Ittehad Council (SIC) Asad Qaiser highlighted the issue of load shedding in his constituency and asked the government to take steps to end it. He said that at present, Khyber Pakhtunkhwa (KP) is generating about 4,000 megawatts of electricity, while the total current consumption of electricity in KP is only 2,600 megawatts.

He also highlighted the issue of Independent Power Producers (IPPs) and said that capacity issues with these should be addressed and revised. He said that an emergency should be declared in the country for the construction of dams and the generation of electricity through hydel means.

He emphasised that the agriculture sector must be focused on in the budget and asked the government to ensure payment to sugarcane farmers.

He requested the Speaker of the National Assembly to ensure the presence of ministers, including the Finance Minister, in the House during the budget debate. He also asked the government to include proposals from the opposition in the budget.

He demanded that the government establish economic corridors with Iran, Afghanistan and China.

Majlis Wahdat-e-Muslimeen’s Hameed Hussain asked the government to restore peace in his constituency. He highlighted that the primary demand of the people in his area is the restoration of peace.

He called for the continuation of tax relaxation for the Kurram Agency as agreed in the 18th Amendment. He mentioned that a Jirga has been scheduled for June 26 to devise a strategy for restoring peace in the region.

Pakistan Peoples Party’s Sharmila Faruqui praised Prime Minister Muhammad Shehbaz Sharif for his leadership in uniting all political parties and steering the country out of crisis.

Sharmila Faruqui advocated for expanding the tax net and ensuring that new taxes are not imposed on those already paying them. She suggested revising taxes on the salaried class, milk, and stationery items.

She asked the government to improve the performance of DISCOs, as people are suffering due to their incompetence.

Sharmila Faruqui suggested reforms for state institutions running in losses. She also proposed that the government allocate more funds to the Benazir Income Support Programme (BISP).

She urged the federal government to release funds allocated to address water issues in Karachi.

Comments

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Omer Jun 23, 2024 11:04am
I wonder, if there is a possibility for a common man to make his monthly budget in deficit for extended period of time. But he will borrow the money from which entity??? When majority of the population of this world is living their life within the budget then why not the government produce their budget in a fashion so they don't need to take loan. The most profitable business is government, they can impose as much tax as they want and force the people to pay.... amazing isn't it? and your boss forces you work more for less salary... amazing isn't it. When will we stop taking loans!
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test Jun 23, 2024 04:02pm
No one is serious about taking big steps. It's just all talk. Same cycle repeat from the past 75 years. Every party and every single govt that has come to power had been begging & begging & importing.
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