Karachi: Irfan Iqbal Sheikh President FPCCI criticised government for total lack of consultation on mini budget with business, industry and trade community, real stakeholders of economy and taxation system and real engines of economic growth, employment creation and revenue generation. Had we been consulted, we could have helped government with more practical and inoffensive approach to meet prior actions’ requirements of IMF, he added.

Sheikh expressed collective anxieties and concerns of business community vis-à-vis new taxes, increase in electricity and gas tariffs; planned withdrawal of rightful incentives for export-oriented industries and further slowing down of economy through contradictory and recessionary measures.

He reiterated stance that if exports continue to suffer, then there will be no balance of payments, current account will deteriorate waywardly, reserves build-up will remain elusive, revenue target will be missed and employment generation will remain at lowest. Government must not throw exporters under bus as they are real heroes who earn foreign exchange reserves for country, he added.

He emphasised that only rapid industrialisation coupled with aggressive import substitution, incentivizing exports and encouraging remittances have potential to avert default in coming years, otherwise Pakistan will remain on tenterhooks for ever-looming default for many years to come.

He explained to country’s leadership that business community is real backbone of any economy as they are progressive, patriotic, law-abiding and earning hands of state. If you keep economic, commercial, trade and investment activities afloat in country, business community will make it possible for government to raise revenue collection to tune of Rs 9 trillion in FY24, he assured.

Published in The Daily National Courier, February, 17 2023

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