(27 April, 2018)
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain said we congratulate Government’s performance during the current fiscal year. Imports increased due to rise in development sector and CPEC project while exports could not reached the targets which causing USD 36 billion loss to balance of trade.
The veteran business while talking to news channels and the business community said remittances reached USD 14.6 billion, expected to be increased further up to USD 19 billion. Large Scale Manufacturing growth rate has been 6.33 percent while Small Scale Manufacturing sector has attained the growth rate of 8.2 percent, which is far better and encouraging as compare to previous years.
With eradication of terrorism from the country, improved law and order and economical growth, foreign investment touched the figure of USD 2.6 billion, which could have increased incase of better political condition of the Country. Rupee has devalued which caused increase in inflation but on the other hand poverty being reduced by 4 percent has improved the people’s purchasing power, he added.
Mian Zahid Hussain appreciated the increase of 10 percent in defence budget. He further commented on the budget saying that Public Service Development Program budget is reduced by 18 percent, growth target of cotton crop is set to be 8.9 percent while live stock growth is targeted to be 3.8 percent in the coming fiscal year. Rs. 1030 billion has allocated for the development project and Rs. 220 billion has been allocated for subsidies, huge portion of which can be saved through improvement of low performing public sectors.
The former minister appreciated the amnesty scheme launched by this Government saying that this will huge money will get back to Pakistan through this scheme. He further appreciated the deduction in the tax rate and said that exempting people earning up to 1.2 million an year from tax is very encouraging and will definitely improve the trade activities in the Country.
He said that the business community expects that federal budget for the year 2018-19 will play important roles in industrial development, economic stability and export promotion in the Country.
