(May 20, 2020)
FPCCI’s Businessmen Panel SVP, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said the time has come for the government to take revolutionary steps to revive the economy hit by the pandemic and subsequent lockdown.
The economy needs investor-friendly policies, just distribution of tax burden on all sectors, and a decision for not asking source of income from investors which can lead to a dramatic turn at this juncture.
Mian Zahid Hussain said that repeated crisis despite a fall in inflation has damaged the confidence of investors and consumers while many people have lost jobs awaiting relief.
Talking to the business community, the veteran business leader said the agricultural sector has evaded lockdown and its overall performance has improved save the cotton crop. It has performed better than the industrial, services and retail sectors during the crisis which is good for food security.
The former minister noted the agriculture sector should be shielded from profiteers and hoarders to avoid any unrest in the masses.
He said that the Prime Minister Imran Khan has taken a good step by starting work on Diamer-Bhasha Dam. This decision coupled with the construction package and plan to build millions of houses will revive the whole construction industry and new investment in the cement sector is likely.
Construction of the dam will need five million tonnes of cement for five years and it will provide jobs to many. Projects worth Rs 442 billion have been approved while total estimate hovers around Rs2100 billion, he said.