Mian Anjum Nisar, President, Lahore Chamber of Commerce and Industry (LCCI), has called upon the government to implement the suggestions made by the State Bank of Pakistan (SBP) to accelerate industrial process in the country.
Commenting upon report on first quarter of the current fiscal, Anjum agreed that the SBP has rightly pointed out the industrial problems and suggested that the government should increase spending on education and health sectors.
He further stated that the State Bank, expressing its apprehensions about exports, has asked the government to settle the issue of anti-dumping with European Union (EU) and also remove US apprehensions of security, otherwise it could affect export targets.
Textile is the biggest export sector of Pakistan and Central Bank has proposed cut in average price of electricity, improvement in production and quality of cotton, availability of skilled labour, revision of sales tax refund process, setting up of textile and garments sectors and promotion of higher value-added products.
SBP has also suggested eradication of impediments in the way of infrastructure and improvement in customs and port clearance. No doubt State Bank has given good suggestions, to keep industrial wheel running and government should implement the same, he concluded.