This was stated by a prominent leader of the business community and a former adviser, Dr. Mirza Ikhtiar Baig, while giving his comments on the federal budget on Friday.

He said that the incentives given in the budget for boosting the agriculture sector were necessary and that these would contribute towards strengthening the country's economy as agriculture sector is its backbone.

Dr. Baig said that allowing hedge trading in cotton was the longstanding demand of the textile industry.

The reduction in the price of fertilizer bag by Rs. 1,000 and reducing sales tax from Rs. 400 to Rs. 100 would also prove beneficial.

Dr. Baig said that it has also been announced that the pending sales tax refund to exporters was also encouraging.

He was of the view that there should be some mechanism for the export-led growth.