The Multan Chamber of Commerce and Industry (MCCI) welcomed on Sunday the Monetary Policy announced by the State Bank of Pakistan (SBP) in which the interest rate was kept unchanged.
"The SBP's decision would help enhance the business activity and flourish the country's economy", said Fareed Mughis Sheikh, President of MCCI.
He said that the cost of production was a big cause of inflation in the country, which also affects energy and petrol prices in the country.
Fareed Sheikh said that the decision of maintaining interest rate unchanged would encourage the small businessmen to get loan from private sector banks to start investment in local market and create new opportunities of employment.
He added that the govt also agreed to provide special package to the sick industries specially Textile industry and work for the revival of sick units.
He said that stability in rupee prices against US dollars is necessary for international repayment especially on oil prices.
He said that cordial relations must be developed with all regional countries for strengthening mutual trade and investment opportunities in the region.
He said the bilateral trade and economic relations with Afghanistan would help the country's access towards energy-rich Central Asian States which would help in resolving country's energy problems.
He called upon the govt to broaden tax net and make reforms in the taxation system for enhancing revenue collection for sustainable socio-economic development of the country.
President MCCI stressed the need for bringing other sectors under tax net despite increasing the tax ratio over the already tax paying sectors for generating more revenues for infrastructure development in the country. Fareed Mughis said that a textile village be developed in Multan because South Punjab produces 71% of total cotton production in the Country.
He also suggested removing ambiguities and loopholes in the imposition of 10 percent regulatory duty on imports from India.
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