(January 01, 2020)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Wednesday said the business community has pinned high hopes on the government to soften policies which will trigger growth.
Prime Minister Imran Khan has repeatedly announced a change in the economic policies for the new year which has improved sentiments and the businessmen are awaiting relaxation in the interest rates and tax drive, he said.
Talking to the business community, the veteran business leader said that the painful process of stability is not over but some relaxation is possible which will improve growth and people will start getting jobs.
The former minister noted that Large Scale Manufacturing remained one of the most suffered sectors of the economy during 2019 which should be bailed out to improve the confidence of the business community.
He noted that forex reserves have stabilized, expanses and imports have reduced, while other indicators have turned positive which warrants a change in economic policies.
The demands should be kept under control to bar deficit from reappearing while the process of reforms should be initiated which includes sale of failed departments including steel mills and power sector should be given special attention.
The notorious circular debt which was Rs450 billion in 2013 has jumped to Rs1.7 trillion to become a major threat for the economy which must be tackled.
He said that production has suffered a lot which requires a stimulus which exports should be given due attention to break the begging bowl.