ISLAMABAD
Chairman of National Business Group Pakistan Mian Zahid Hussain on Friday said the recently announced industrial package by the Prime Minister Imran Khan was a welcome move, but held that it is insufficient.
Talking to the business community, Zahid said move is likely to increase investment, accelerate the process of industrial expansion, help introduce new technology, result in up-gradation and revitalization of closed industries, he said.
Mian Zahid Hussain said the decision of the government will help increase productivity, exports and employment, but the investment may not increase as expected.
Mian Zahid Hussain further said that due to lack of industrialization in the country, exports are declining, imports are increasing and unemployment is on the rise.
For decades, capital has been flowing to the non-productive sectors, leaving productive sectors in a lurch, he said.
The country is facing inflation while it experiences a balance of crisis every two or three years, requiring borrowing from the IMF and other countries, resulting in a cut in developmental expenditure and other problems.
He noted that the country cannot get out of its problems without giving top priority to the manufacturing sector and for that, it has to make many other decisions including cheaper energy and reduced taxes.
