The Lahore Chamber of Commerce and Industry has termed the Federal Budget 2019-20 balanced despite the economic hardships. LCCI President Almas Hyder in his reaction on the federal budget 2019-20 said that a number of proposals submitted by the LCCI have been accepted in this budget. LCCI Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal, LCCI former presidents Iftikhar Ali Malik, Mian Anjum Nisar, Shahid Hassan Sheikh, Muhammad Ali Mian, Malik Tahir Javed, former senior vice presidents Irfan Iqbal Sheikh, Mian Tariq Misbah, Amjad Ali Jawa, Kh Khawar Rasheed and former Vice Presiden Zeshan Khalil were also present on the occasion.
He said that zero-rated duties on 1,600 items including raw materials would reduce the cost of doing business. This is a very good step taken by the government and it was also a joint proposal of all chambers of commerce & industry of the country. After good reforms, current account deficit would be reduced from US $12 billion to $7 billion, he added.
He said the government had allocated collectively an amount of Rs 100 billion for dams/water projects that shows the seriousness of the present regime. It would help get rid of water scarcity and would also help generate cheap hydel power, he added. The LCCI President said that privatisation of loss making public sector enterprises was a good step as those were eating-up huge money of the taxpayers. He also lauded increase in minimum wages, crop insurance and cut in salaries of the cabinet. He said that government should ensure early payment of refunds as delay was not only causing hardship to the business community but was also promoting trust deficit.