Crafting a Distinct Fiscal Budget for Progress

Mian Zahid Hussain, who serves as the Chairman of the National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, and the Chairman of the FPCCI Advisory Board, has articulated the need for the federal government to formulate the forthcoming fiscal budget in a manner that distinguishes itself from its predecessors, signaling a firm commitment to advancement.

He underscored that the forthcoming budget should accord priority to economic expansion, the generation of employment opportunities, and national defense, all of which are indispensable for surmounting prevailing challenges and effectively countering potential hostile actions.

Mian Zahid Hussain stressed that the budgetary focus should extend beyond mere deficit management or short-term alleviation measures, aiming instead to secure enduring economic resilience as a foundation for future prosperity.

He emphasized the imperative for governmental actions that reinstate investor confidence and foster industrial growth. Policies designed to stimulate import substitution and augment exports are crucial to rectifying the $30 billion annual trade imbalance. He cautioned that without policy coherence and transparency, aspirations for progress would remain unrealized.

He identified the existing fragile tax framework as a substantial impediment, asserting that reforms are essential to diminish reliance on borrowing.

He advocated for the elimination of superfluous exemptions on sales tax, income tax, and imports across the nation, alongside the institution of a streamlined and equitable tax regime.

Mian Zahid Hussain highlighted that these unwarranted exemptions impose an annual burden of hundreds of billions of rupees on the national treasury, thereby impeding economic sustainability and generating inequity among sectors subject to full taxation.

He observed that despite repeated pledges from previous administrations to privatize underperforming state-owned enterprises, these commitments have not materialized. This inaction precipitates annual losses amounting to trillions of rupees.

He emphasized that the moment has arrived for tangible steps. Institutional overhauls, privatization initiatives, and a just taxation system have the potential to steer the nation toward economic autonomy. These interventions would curtail dependence on loans and could amplify investment and employment prospects.

He concluded by asserting that the government must accord serious consideration to economic realities when devising the next budget, thereby safeguarding public welfare and national security.