The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), an apex body of chambers in the country Tuesday termed the budget 2014-15 as business friendly, export and growth oriented, balanced in the prevailing global economic scenario and existing circumstances in the country.
President FPCCI Zakaria Usman, FPCCI VP Munawar Mughal, veteran trade leader and Co-chairman Businessman Panel Iftikhar Ali Malik, former FPCCI chiefs Senator Haji Ghulam Ali, Zubair Ahmad Malik, Fazal Qadir Sherani, former President Islamabad Chamber Zafar Bakhtawari and Chairman FPCCI Diplomatic Committee Malik Sohail Hussain commenting on the budget said that continuity of prudent economic policies underlined in the budget will definitely restore the confidence of the foreign and local investors besides bolstering economic growth.
They said that package of incentives for attracting investors highlighted in the budget will usher an era of progress, development and prosperity in every nook and corner of the country. They said that country was bearing huge expenditures on war on terror and confronting security threats coupled with instability hovering around the region, acute shortage of water, gas and power were the key factors responsible for slow growth.
They said that billions of rupees major allocations in power generation, construction of new water reservoirs, new power plants, bridges, extension of motorway, roads and communication networks, development of infrastructure, higher education, induction of new railway coaches, health including polio free state, agricultural loans, basket of incentives to textile sector, grant of loans, abolition of tax exemptions, relief in taxation and duties, provision of houses to low paid government employees, tax reforms commission and IT sector will accelerate the trade activities in the country. Zakaria Usman said "We have developed consensus in the larger national interest today with all federation zonal offices across the country and affiliated chambers that the government must take stakeholders especially FPCCI into confidence before the passage of budget in the national assembly for addressing their genuine legitimate grievances". He hoped that budget allocations would help speed up the pace of industrialisation, step up trade activities besides boosting the agricultural production in addition to enhancing the export.
Iftikhar Ali Malik said that all traders were doing business in odd circumstances in the absence of basic infrastructure and the government must provide package of incentives by further reducing the duties and levy of heavy taxation on industry. He said that entire business community will fully support the government in broadening of the tax net for better national economy. He said that the leadership of the federation was fully committed to safeguarding the interests of the business community and would never compromise on principles. He said that the issue of such sectors which have not been given adequate relief due to some reason would be taken up with higher authorities.
Munawar Mughal said that majority of the demands and proposals of the federation presented to Prime Minister Muhammad Nawaz Sharif and Federal Finance Minister Muhammad Ishaq Dar have been accepted in the federal budget. He said that all out efforts should be made to further strengthen the national economy by facilitating the traders, exporters, local and foreign investors the backbone of the economy.
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