LAHORE: Reminding the finance minister his words about abolishing the interest-based economy, Jamaat-e-Islami Emir Sirajul Haq has demanded the government to fulfill its promise and announce a Riba-free budget.

Addressing at a pre-budget seminar here, he said the people were afraid and hopeless, expecting no relief from the government.

He said the rulers finalised the budget document by following the directions of the IMF, ignoring suggestions from local experts, industrialists, traders and labour and farmer organizations.

He said the government should increase the minimum pay to Rs 40,000 and impose a tax on earnings, ending indirect tax regimes. He said the interest-free micro financing for youth was the need of the hour.

The government should provide facilities to small farmers and impose taxes on feudal lords, he said, adding the banks should give loans to small and medium industries. The industry’s share in GDP was 20 percent, but it made 70 percent of tax income, which was unfair, he said.

He said the remittances could be enhanced to US 40 billion dollars annually by winning the trust of overseas Pakistanis.

Haq said the corruption, unfair distribution of resources and non-developmental expenses were the real problems, and the government failed to make check on these menaces, plaguing the national economy.

The country had plenty of resources, but the issue was bad-governance and mismanagement of resources.

He demanded the government pay attention to the development of the IT industry and make a progressive approach to fix the economy instead of following the old-dated approach and directions of the IMF.

He said the mantra that the country was in deep trouble was old dates, and one had been listening to these words since decades. The fact was that the poor faced every difficulty, and the ruling elite was enjoying, sitting on heaps of wealth.

Copyright Business Recorder, 2023