Lahore, June 09, 2015 (PPI-OT): President Pak-China Joint Chamber of Commerce and Industry, Shah Faisal Afridi has termed the federal budget 2015-16 a development oriented budget. In a press statement issued here today, he said in the current national and international predicament, the Finance Minister Mr. Muhammad Ishaq Dar had no choice but make a budget encouraging development and business activities so as to increase employments and revenues in the country.
He said that a better budget was not possible at this critical juncture to strengthen economy by ending dependence on the donors. Still the budget is Growth-oriented with good fiscal management paving way for economic stability of the country in the long run.
“The recovery of bad loans, the privatization rollover, and a lower budgetary deficit are some of the plus points of this budget,” he said and congratulated the Prime Minister Nawaz Sharif and the Finance Minister Ishaq Dar for presenting a pragmatic budget. He said the incentives announced by the finance minister have reflected government’s sincerity to promote manufacturing activities in the country. He lauded the enhanced defence allocation which was necessary to check terrorism and safeguard economic corridor from enemies. He also lauded allocation of Rs 3.5 billion to the safety of Chinese working on different projects in Pakistan including economic corridor.
“Finance Minister has committed to clear all the outstanding sales tax refunds by August 31, 2015, which is a positive gesture”, he added and further appreciated the incentives announced for agriculture, construction and power sector investors. He hoped that these measures would help the economy perform better. However, he urged government to take serious measures to honour this commitment.
According to Faisal Afridi, reduction in interest rate to 6 percent on PM’s Youth Loans, providing interest-free loans for solar tube-wells and increasing allocation for water resources were also laudable steps that would prove beneficial for the economy. He said that federal budget 2015-16 will trigger the long-awaited national development.
He pointed out that for the first time in history of Pakistan government has earmarked huge amount for ending energy crisis and building interprovincial highways. He said billions of Rupees have been allocated for health and education while Rupees 64 billion for overcoming crisis of Universities reflects Governments education friendly policy. This successful budget will end backwardness from the country particularly Balochistan, he added.
He said, the government should concentrate on improving its tax revenue collection and should declare incentives for all regular taxpayers. If the suggestion is incorporated as an amendment in the budget, it will cut the domestic debt servicing cost and bring down inflation, which will also bring relief to the common man.
However, at this crucial phase of economic development, Afridi declared the budget a balanced one and hoped it would expedite economic growth by demonstrating a continuity of the previous year’s plans and policies, which shows commitment of the government to take forward its economic programme.
For more information, contact:
Wardah Ali Gohar
Pakistan China Joint Chamber of Commerce and Industry (PCJCCI)
Mega Tower, 309 – 6th Floor,
Main Boulevard, Gulberg II,
Lahore, Punjab – Pakistan
Tel: +92-42-35777460-02, +92-42-37032203, +92-42-35874353