The Pakistan Business Forum (PBF) Saturday suggested the government to take effective austerity measures in the public sectors and prepare the next federal budget in a way that encourages business activities in the country.
PBF President Mian M Usman Zulfiqar stated this while sharing the budget proposals with the media here. Forum’s Vice Presidents Jahanara Wattoo, Chaudhry Ahmad Jawad and core committee members also accompanied him.
Mian Usman stressed the need for establishing export warehouses at the borders to uplift trade with neighboring countries and incorporating the agriculture and service sectors into the tax net.
In an effort to increase the GDP growth up to six per cent, the budget makers would have to broaden the tax base and reduce tax rates enabling Pakistani products to have a competitive edge in the global market, he added. “We want jobs creation by strengthening industry; broadening of tax base through lowering rate; and introducing viable policies to attract foreign investment,” he added.
During the last three decades, he said, it was only thrice when Pakistan’s economy grew by more than five per cent i.e. during 2003-2006, 2016-2018 and 2021-22. The industrial production could be increased by realising the full potential of information technology, he said, citing that digital finance potential of Pakistan could be US$36 billion in next four years thus giving a seven per cent boost to GDP and generating four million new jobs.
The PBF president was of the view that real fact was a lack of realisation as the world business patterns had changed and Pakistan had made no efforts to adjust to those realities.—APP
