Anjum Nisar says business community facing tough challenges because of limited business
\n Islamabad
\nFederation of Pakistan Chambers of Commerce and Industry\u2019s (FPCCI) Businessmen Panel (BMP) has said that business community has been facing tough challenges because of limited business. In this context, he sought attention of the government for formulation of regional, provincial and central level task force, and formulation of sector wise regional policies which would help the government address the problems confronted by exporters.
\nThe FPCCI former president and Businessmen Panel (BMP) Chairman Mian Anjum Nisar called for promoting industrialisation and enhancing exports through lowering cost of production, paying early refunds to solve liquidity crunch and relaxing import policy for industrial raw material.
\nHe suggested that One Window Operation should be introduced for the replacing the lengthy procedures that involve interaction of manufacturers with various agencies. The government agencies were harassing the textile industry every day. Social Security, EOBI and other taxes should be merged and deducted at the source.
\nMian Anjum Nisar asked the government to appreciate the role of industry for its potential to harvest maximum benefits, providing mass employment to the jobless population of the country.
\nHe also sought government\u2019s attention for formulating aggressive marketing plan and hurdle-free policies as well as urgent decisions in favour of exports while taking on board major stakeholders.
\nHe called for concerted efforts for exploring new markets both traditional and non-traditional in order to introduce home made products. He urged the government to announce favourable policies and allow duty-free import of raw material and accessories.
\nThis move will attract investors and help in setting up new industries in the country which will create wide opportunities for employment. We direly need a stimulus economic plan coupled with relief package by the government to maximise production. He also emphasized the need for seeking technical knowhow from China and other countries for the sake of innovation, and improvement of products.
\nThe BMP chairman said the sustainable solution to Pakistan\u2019s problems lies in reforms, as we can see very large inefficiencies in tax collection. So, the tax compliance must be improved and tax base be broadened. This cannot be achieved with a single policy change, but by a systemic approach, he added.
\nHe observed the government preferred direct taxation to meet revenue shortfall as opposed to re\u00acsorting to increasing indirect taxes because direct taxes tend to be more progressive in nature; therefore, the burden on the lower income strata of the population is lesser.
\nHe emphasised that concentrating on import substitution is imperative to narrow import bills and certain imported products such as oil are of a fixed nature; therefore, the government needs to enhance focus on import substitution industries, as chemicals, agriculture and steel are potential industries.
\nHe said that undertaking structural reforms require political will. He said that enacting structural reforms, such as improvements in tax collection system, bureaucracy and ease of doing business requires major political will and strict implementation of policies, he added.
\nThe BMP chairman urged the government to solve their problems on a priority basis in consul-tation with the traders. The BMP\u2019s mission was to create a stable economy and prosperous business community, he added.
\nThe chairman stressed the need for reforms, with a keen focus on value-addition for a sustainable economic growth, recommending the government to raise exports to double digit of the GDP, as Pakistan\u2019s exports have bounced back after witnessing decline.
\nMian Anjum stressed that focus should be on promoting exports and restricting imports alongside making domestic industry more competitive and subsequently expand its export market. He said that exports of goods and services are an injection into the circular flow of income leading to a rise in aggregate demand and an expansion of output, helping raise per capita incomes and reduce extreme poverty especially in developing economies like Pakistan.
\nHe also called for promoting industrialisation and enhancing exports through lowering the cost of production, paying early refunds to solve liquidity crunch and relaxing import policy for industrial raw material.
\nHe said the business community was facing problems like unannounced load shedding, parking, departmental proceedings, overbilling and expensive electricity and gas in the markets. He asked the government to appreciate the role of trade, industry and exporters, providing mass employment to the jobless population of the country.
\nThe chairman stressed the need for reforms, with a keen focus on value-addition for a sustainable economic growth, recommending the government to raise exports to double digit of the GDP, as Pakistan\u2019s exports have bounced back after witnessing decline.<\/p>\n","protected":false},"excerpt":{"rendered":"
Anjum Nisar says business community facing tough challenges because of limited business Islamabad Federation of Pakistan Chambers of Commerce and Industry\u2019s (FPCCI) Businessmen Panel (BMP) has said that business community has been facing tough challenges because of limited business. In this context, he sought attention of the government for formulation of regional, provincial and central […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-392840","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n