President, Karachi Chamber of Commerce and Industry (KCCI), Abdul Majid Haji Mohammad, has welcomed the consensus among the four provinces on the 7th National Finance Commission (NFC) Award on Friday. Talking to Business Recorder, he congratulated Chief Minister Sindh Syed Qaim Ali Shah for his efforts and pleading the Sindh case in NFC meetings.
He said that the issue of NFC Award had been lingering for 19-year, which has now been resolved with consensus in wake of an accommodating and positive approach of the chief ministers of the four provinces.
Chairman, All Pakistan Textile Processing Mills Association (APTPMA), M. Zubair Motiwala, appreciated that the federation has made historic sacrifice regarding distribution of resources among the provinces. The federation has accepted to raise the provinces' share by 8.5 percent in the 7th award as compared to last award.
He said that Balochistan's share was enhanced to 9 percent. He said under the new formula, Sindh would get 24.24 percent of the divisible pool, which is a big achievement. Chairman Site Association of Industry (SAI) Saleem Parekh said it is appreciable that all the provinces have agreed on multiple-criteria for distribution of resources. He congratulated Chief Minister Sindh on the achievement. This is the first time that the provinces were allowed to collect GST on services, he added.
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