Islamabad
The Federal Budget 2023-24 can be termed as a short-term, ad-hoc and an expansionary budget in an unusual time of economic emergency, looking like an interim budget, with short-term policies, lacking solid measures to stabilize the economy, having no focus on changing economic priorities. These views were expressed by the SAARC Chambers of Commerce and Industries’ (SCCI) newly-elected Vice President and FPCCI’s Businessmen Panel (BMP) Chairman Mian Anjum Nisar while giving his reaction over the new budget.
The FPCCI former president and BMP Chairman said that the present budget lacks major objective of giving a long-term direction to economy, as no visible reduction in cost of doing business or cut in taxes in budget has been announced to speed up the growth or create new jobs in the country. He said that Pakistan needed millions of jobs annually but the government had not taken any concrete step in federal budget for job creations for the unemployed youth. Although details are still to come out, the budget vibes seem positive, he said.
Nisar stated that the businessmen had demanded of the government to take concrete steps in the upcoming Federal Budget 2023-24 to keep industrial wheel running especially of SMEs, saving the livelihood of millions of workers associated with the small industries. The major focus should have been on greater relief to the documented and registered SMEs. In this budget too, the government attempted to squeeze the neck of old taxpayers instead of taking efforts to bring new taxpayers into tax net. Budget FY24 is an attempt to satisfy IMF on key matters relating to revenue collection, subsidy reductions, and attainment of fiscal discipline, he stated. He said Rs. 1,150 total outlay of public sector development program (PSDP) is appreciable. He said government has announced some good steps towards agriculture sector. Agriculture is the backbone of the country for food security. The announcement of conversion of 50,000 tube-wells into solar, duty reduction on the import of raw material of solar panels, batteries, and inverters are right steps towards energy mix in the country.
