ICCI criticises cut in development budget

OUR CORRESPONDENT: The significant cut made in the budget for development projects is not an encouraging sign for the private sector. It will curb demand for manufacturing goods, harm business activities, and slow down the country’s economic growth, said Islamabad Chamber of Commerce and Industry (ICCI) President Ahmed Hassan Moughal on Tuesday.

Moughal lauded the unique role played by PSDP in the growth of indigenous industry and pointed out that increase in PSDP led to higher demand of such products.



However, he voiced fear that downward revision of PSDP budget in the first mini-budget coupled with hefty axing in the sanctioned budget for development projects, would have a negative impact on domestic industry and affect its overall growth. Government’s measures to reduce spending would thwart its efforts to facilitate businesses.