CHAIRING a meeting on Tuesday, Prime Minister Shehbaz Sharif announced that economic development and provision of maximum relief to the masses would be government’s priorities in the budget 2023-24. He specifically mentioned that federal budget will encompass measures to enhance industrial growth as well as exports.
Industrial growth is the way forward if we really want to steer the country of challenges on the economic front. Industries serve as a catalyst for the development making the economy more resilient and less vulnerable to external shocks. The sector has significance in terms of employment generation and enhancement of both exports and tax revenues. It is however unfortunate that our successive governments did not pay much importance to the industries as was required and the result is that today we lag far behind in exports than the countries which got independence after Pakistan.
It is heartening to see the priorities of the PM include the development of this PM Shehbaz Sharif has a track record to deliver on his promises and we believe if he is given the time, he has the ability to bring a major transformation in the industrial base as he has shown in the transport sector. Whilst addressing an international Textile Expo in Karachi a few days back, he assured to extend full support and facilitation to the industries and we are confident that the budget for the next fiscal year will envisage measures that encourage investment in the industries including the IT sector. The focus must be on ensuring ease of doing business, reducing the production costs by supplying low cost energy besides ensuring easy bank loans for the small and medium industries. Time has come to remove all the obstacles in the way of complete operationalization of SEZs envisioned under the CPEC. The Chinese friends must be extended full facilitation in setting up their industrial units in these SEZs. Then we can also engage other friendly countries such as Saudi Arabia, UAE, Qatar and Turkiye for their investment in these SEZs. Success on this part can prove to be a game changer for the country and enable it to meet the external liabilities without spreading the begging bowl. As regards relief, the government must ensure significant increase in salaries as the fixed income groups are the ones most affected by the current unprecedented inflationary trends.
