Business Community’s Expectations for the New Budget

Mian Zahid Hussain, representing various business forums including the National Business Group Pakistan and the All Karachi Industrial Alliance, articulated the business community’s significant expectations for the upcoming budget.

In light of the existing economic challenges, including elevated inflation and widespread joblessness, the populace anticipates a budget from the government that delivers substantial relief. This would empower the industrial and trade sectors to advance toward stability, simpler business operations, and overall expansion.

He mentioned that the private sector is advocating for a budget that stimulates investments, curtails production expenditures, broadens the tax collection, enhances exports, rectifies the trade imbalance, and facilitates the economy to operate at its maximum potential.

Simultaneously, an increase in the defense budget is deemed vital. It is also important to implement tangible strategies to foster frugality, oversee superfluous spending, and tackle corruption.

Mian Zahid Hussain noted the sustained strain on Pakistan’s economy. Actions implemented under IMF stipulations, while averting default, have also imposed burdens on the populace through job losses and inflation. Consequently, the new budget should integrate public relief with fundamental economic overhauls. He proposed the elimination of unnecessary subsidies, a review of tax exemptions, reductions in governmental spending, and the privatization of underperforming state-owned enterprises.

Mian Zahid Hussain emphasized prioritizing support for agriculture, IT, exports, and the SME sector to stimulate job creation and reinforce the economy.

The budget should prioritize making special economic zones operational, guaranteeing a steady and affordable energy supply, and enhancing infrastructure. Furthermore, he asserted that the budget’s focus should extend beyond merely augmenting revenue; it should serve as a mechanism for advancing public welfare, industrial advancement, and alleviating poverty.

Absent a resilient economic vision and a defined strategy, transient measures will not yield enduring advantages. He emphasized that the citizens of Pakistan have already endured considerable sacrifices, and it is now time to afford them respite. A meticulously crafted and insightful budget will not only foster economic equilibrium but also aid in reinstating public trust and fostering political steadiness. Mian Zahid Hussain accentuated the necessity for national accord, discernment, and prescience to propel the economy ahead, achievable through a well-rounded, inclusive, and citizen-centric budget.

In conclusion, he conveyed that sustained economic policies, the cultivation of an investor-friendly environment, the reduction of undue strain on industrialists, and the simplification and equitable adjustment of the tax framework will collectively augment both domestic and international investment. Tax compliance should be valued, and non-filers should be encouraged to integrate into the formal economic system.