The Lahore Chamber of Commerce and Industry on Friday termed the federal budget as IT focused, business, SMEs (Small and Medium-sized Enterprises), agriculture friendly.
Addressing a Press Conference after Federal Budget speech, the LCCI President Kashif Anwar said that various proposals of the LCCI have been accepted in the Federal Budget.
LCCI Senior Vice President Zafar Mahmood Chaudhry and Vice President Adnan Khalid Butt also spoke on the occasion.
The LCCI President said that Lahore Chamber had proposed to increase the limit of bringing foreign currency into the country. He said that the government has accepted the proposal and increased the limit to USD 100,000 which was Rs 5 million before. It would help overcome the issue of low foreign exchange reserves. He said that the government has removed the condition of area under TIER-1 which was demand of the Lahore Chamber. He said that abolishment of duty on machinery for solar panels was a good step.
He said that the decision not to impose any new tax on the industrial sector was a welcome step. It was also the demand of LCCI that no new tax should be imposed on the industry in the ongoing economic scenario. He also welcomed total development budget of Rs 1,150 billion, saying that it would play an important role in the development of the country. He said that special measures should be taken to achieve the targets of USD 30 billion exports and USD 33 billion remittance for the next financial year. He also welcomed the establishment of Export Council.
Meawhile, Hyderabad Chamber of Commerce and Industries president Adeel Siddiqui, talking to media said despite financial constraints the federal government presented a business-friendly budget in which the agriculture sector, traders, large-scale manufacturers, investors, youth as well as social sector were given unprecedented relief.
“Though next year’s budget has a historical deficit of over 7000 billion rupees the government will try its best to cover it through drastic measures,” the HCCI president hoped.
Adeel Siddiqui said, “In the budget, along with the agriculture sector, a significant amount is being allocated to the energy sector and water reservoirs in the country.”
HCCI President said, “Bridging the budget deficit as per the budget estimates will be a challenge which will require concrete steps to be covered.”
He said, “It is not only people-friendly but this budget is also business-friendly which will be beneficial for all stakeholders.”
