Growth prospects

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IT is really appreciable that the government is now focusing on inclusive and sustainable economic growth following achieving stability. Already there is some good news regarding revenue collection and increase in exports.

Prime Minister Imran Khan in a tweet on Friday commended the FBR for achieving the historic level of tax revenue of Rs 4732 billion rupees in 2020-21, exceeding the target of Rs 4,691 billion and eighteen percent higher than the previous year.

Similarly, Information Minister Ch Fawad Hussain expressed his optimism over eighteen percent increase in the country’s exports.

In order to meet the growth challenge, the government must fix the tax system in such a manner that supports rather than penalizes investment and commercial activities of the formal sector.

It is also for the affluent class to pay their taxes honestly and contribute to the national development.

The potential of economic growth is immense and it should be highlighted to attract the foreign investment.

Talking to a business delegation, Saudi Ambassador to Pakistan Nawaf Saeed Al Maliki expressed his country’s interest to deepen commercial and investment cooperation with Pakistan.

Besides leveraging the CPEC as a potent growth driver, we really need to enhance engagement with friendly countries such as Saudi Arabia to attract investment in different sectors be it the agriculture or industries.

This will trigger economic activity, provide job opportunities to the youth and help considerably push up exports which is the only way to achieve self reliance.

The present government really deserves appreciation for extending unprecedented facilitation and incentives to overseas Pakistanis.

It is now considering launching National Remittance Loyalty Program under which more financial incentives will be extended to expatriate community.

Roshan Apna Ghar scheme for them is also on the cards. These indeed are very encouraging initiatives and must be coupled with steps that woo the expatriate Pakistanis come up with their massive investment. For this, obstacles of any sorts in the way of their investment must be removed.

Efforts must be scaled up to ease energy constraints as its shortage will only imperil the growth prospects.

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