Government can't give better budget in prevailing circumstances: Malik

Vice President SAARC Chamber of Commerce and Industry Iftikhar Malik has said that Finance Minister Dr Hafeez Sheikh could not give a better budget in the present circumstances, as the country is facing accumulated chronic economic ills for the past several years.
Talking to Business Recorder here on Sunday, Malik said there was an acute shortage of energy, which has crippled all sectors of industry, agriculture and services. Hundreds of manufacturing units have been closed down due to non-availability of gas and electricity resulting in widespread unemployment and poverty.
It is a good omen that the government has decided to expand the direct tax ratio to GDP and for this purpose has identified 0.7 million persons, who have the income and resources to pay taxes in line with their luxurious way of life, he added.
Malik said that the government should have direct and constant liaison with the elected bodies of commerce and industry to have their valuable input to put the economy back on the track.
He hoped the government would be able to achieve its revenue targets during FY 2011-12 and reduce wide gap between revenue and expenditure and bring the budget deficit to reasonable limits.
Iftikhar Malik demanded that the government must check the bad affects of the Afghan Transit Trade on economy and plug the smuggling of goods that have closed down our local industry.