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Business community terms budget people-friendly, growth-oriented

Business community and economists have expressed satisfaction over newly announced budget terming it as people-friendly, growth-oriented and business-promoter.

Talking to Radio Pakistan News and Current Affairs programme, Advisor to Punjab Government Dr Salman Shah said the new budget is people-friendly, growth-oriented and business-promoter.

He said the government is providing targeted subsidies on basic commodities, low cost houses, SMEs and is also providing loans to people to start businesses.

Economist Dr Aliya Hashmi said it is a balanced budget as the government has provided incentives for growth in agriculture, exports and IT sectors. Another element highlighted in the current budget is social protection as the government has allocated a significant amount for the schemes under Ehsaas programme.

Former Vice President, Islamabad Chamber of Commerce and Industry Tauseef Zaman said the budget presented by the government is completely different from the conventional budgets presented by the previous governments. It will be landmark as the government has made out of the box decisions in the current budget.

President of the Lahore Chamber of Commerce and Industry Mian Tariq Misbah said exceptions granted to the pharmaceutical industry and the Information and Technology sector is a positive move.

Tariq Misbah said the package announced for farmers is a welcome change. He also lauded the housing scheme for low-income earners, saying that people would benefit from it.

Commenting on the budget, Chairman Businessmen Group Zubair Motiwala said the budget has given a direction to industries while special emphasis has been laid on the exports sector as well as the local industry.

President Karachi Chamber of Commerce and Industries Shariq Vohra commended the PTI-led government for reducing the withholding tax by 40% and said the turnover tax had also been reduced by 0.25%.

The Vice-President of the Federation of Pakistan Chambers of Commerce and Industry Nasir Khan said the reduction in withholding tax is a welcome change.

The President of the Sarhad Chamber of Commerce and Industry Sherbaz Ilyas Bilour said the federal budget is good overall, given that it is properly implemented.

He said that tax exemptions provided to erstwhile FATA and the former PATA is a good move and the budget is also beneficial for industrial promotion.

Source: Radio Pakistan

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