Institute of Chartered Accountants of Pakistan, in its model federal budget 2021-22, Saturday recommended formulation of viable farm-to-market policy to support growers for realising huge potential of agricultural sector of the country, along with easy and soft financing for SMEs, construction industry-like financial andincentives package for other major industries mainly large scalemanufacturing sector.
During budget discussion organized by Council of Economic and Energy Journalists (CEEJ) at Karachi Press Club, Vice President of ICAP, Ashfaq Tola , while highlighting the main features of ICAP’s first-ever Model Federal Budget, said that overall the country’s economy had performed well during last year despite many challengesemerging from COVID-19 pandemic outbreak.
State Bank of Pakistan also played very important role in the economic growth, he acknowledged.
the seminar was also addressed by Sage President Raja Kamran, Secretary General Kashif Munir, Joint Secretary Riaz Andy while SecretaryKarachi Press Club Rizwan Bhatti and other Sage officials were also present.
Ashfaq Tola emphasized on better use offertile agricultural land and create strong base of skilled labour force for high GDP growth.
ICAP has estimated Rs 7771 billion revenue for the fiscal year 2021-22 and after distribution of Rs 3600 to the provinces as share from the divisible pool, the net revenue with the Federation would be Rs 4171.
He said ICAP, which is the top financial experts national body, has recommended for better legislation and targeted administrativesteps for strengthening the economy.
“Pakistan’s economy gets boom at low interest rate and increasingthis rate in the past proved a big setback to it,” he added.
For reaping real benefits of the vast agriculture base of thecountry, ICAP has suggested the formulation of long-term practicalfarm-to-market policy/mechanism–titled Electronic National Agricultural Market Platform- where middle-men’s role is minimised andmaximum return to the growers is ensured.