Businessmen concerned over budget spending

Demand economic revival through concerted efforts

RAWALPINDI:

Representatives of the business community voiced their dissatisfaction with the recently-tabled budget, highlighting the burden of inflation faced by the people and the already shrinking economy.

In a joint statement, they called for a reduction in lavish expenditure to revive the economy and emphasised the need for adopting austerity.

The business community also expressed concerns about the repayment of circular debt and the lack of a clear policy on deficit control and debt repayment.

Zahid Bakhtawari, Siraj Uddin, Sheikh Siddique, Chaudhry Iqbal, Khawaja Asad, representing the Anjuman-e-Tajran Pakistan and Pakistan Chemist and Druggist Association, criticised the budget, stating that it resembled an election budget rather than one focused on the public's welfare.

While appreciating the increase in ad-hoc relief for government employees, the representatives criticised the seventeen-and-a-half percent increase in pension, considering it insufficient. The budget was commended for its encouragement of local industries and the absence of new taxes. However, the business community awaits further clarification on the relief measures they will receive and expressed concerns about the lack of clear information regarding tax collection.

Zahid Bakhtawari emphasised the need to reduce extravagant expenses and eliminate additional expenditures of members of parliament and federal ministers. He called for supporting those in government with the spirit of serving the country and raising important questions about tax revenue, external debt reduction, inflation control, and debt repayment.

The business community also demanded an increase in the tax net to distribute the burden fairly among taxpayers.

Expressing concerns over the current inflation rate of 38% and a staggering 48% increase in the cost of daily food items, the representatives questioned the government's commitment to bringing inflation down to 21%.

 

Published in The Express Tribune, June 12^th, 2023.