LAHORE: Pakistan Business Forum (Lahore Chapter) has proposed a 25-point economic manifesto, announcing that the businessmen and traders will be supporting that party in the next elections, which will promise to implement this manifesto to bring the country out of the prevailing financial and administrative mess.
The economic manifesto suggests that all stakeholders including the establishment, politicians, supreme judiciary and bureaucracy have to reach a charter of the economy to bring the country out of the worst-ever financial crisis and mismanagement it is facing nowadays.
“Increase in exports and acknowledging taxpayers businessman as a national hero are the two major keys to steer the country out of the economic plunge,” said PBF Lahore President Muhammad Ejaz Tanveer while sharing the 25-point economic manifesto with the business community and other stakeholders.
The manifesto said that the government should give first priority to industrialization and push the real estate sector to third priority as an investment in industrialization ensures the generation of revenue for the government, employment for the youth and profitability for the businessmen-creating a win-win situation for all in the country.
The manifesto asked for reserving a 20 percent quota for businessmen in the national, provincial and district policies so have a say in the business circles in the policy-making. Appointing FPCCI President as a member of the federal cabinet for devising effective business policies, it added.
It called for the privatisation of national corporations including PIA, Railways, Steel Mills, Government owned powerhouses etc to cut short billions of rupees spent every year to fund the deficit of these big organizations. The introduction of single-digit sales tax and the provision of industrial loans at zero rates were the other demand of the proposed manifesto.
Pakistan Business Forum demanded corruption-free and business-friendly digital policies by the FBR, a 25 percent quota for exporters and business community in national awards and taking practical steps to discourage smuggling.
It also suggested Industry-Academia Linkages through new curriculum and making entrepreneurship education a must in madrassas and schools. It also demanded the establishment of fast-track business courts to resolve business disputes and the provision of plots in industrial estates on an easy instalment of ten years. Promotion of businesses (SMEs) instead of jobs and introduction of one-window business projects to avoid unnecessary interference by government officials in new and old businesses.
PBF President Muhammad Ejaz Tanveer further called for the introduction of reforms in the agricultural sector and imposing income tax on persons who have more than 50 acres of land while exempting such orchards and vegetable farms from it, those using modern farming techniques and technologies. He also called for extending zero-rated loans to fruit and vegetable cold storage chains.
Besides this, Ejaz demanded industry status for IT, agricultural and meat exporting sectors. He also voiced abolishing 5000 and 1000-denomination currency notes and prize bonds so as to divert this money to businesses and make Pakistan corruption free.
The manifesto also demanded reforms in the energy sector and ending the energy crisis with the help of the private sector by promoting green energy. It also urged that the government should hold consultation with the private sector to tackle the issue of climate change and a 10-year tax exemption to the industry that manufactures raw materials in the country and those that manufacture alternatives to imports.
Copyright Business Recorder, 2023
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