Pakistan Chemicals and Dyes Merchants Association (PCDMA) on Thursday called for immediate rectification of anomalies in the federal budget for 2021-22 in consultation with the PCDMA and other major trade bodies. During a meeting, PCDMA’s former vice chairman Arshad Usman stated that the budget would discourage economic growth if the anomalies were not rectified. He lamented that industrial raw material importers were ignored in this year’s budget. “This particular sector is not getting any financing from banks,” Usman said, adding that the government should finance the industry, supply raw material to it on easy payment terms and help in tackling the financial crunch. He added that the chemicals and dyes industry imported raw material and helped in exports and domestic industrial growth, unlike other traders, who imported finished products, which were a burden on foreign exchange. He emphasised that since all imports were subject to value addition, the condition of value addition, as mentioned in SRO1190(I)/2019 for commercial importers, should be deleted as it was causing hardship.
Published in The Express Tribune, June 18h, 2021.
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