ISLAMABAD: Minister for Planning and Development, Ahsan Iqbal on Saturday mentioned shifting from traditional approach to tough decisions, for revival of economy and achieving self-reliance.
"We shall have to swallow bitter pills to cure chronic diseases. We need to smash begging bowl and stand on our feet and this is not possible with prudent approach and realistic decisions," he said in his opening speech on budget 2013-14 from treasury benches.
Appreciating peaceful transfer of power from one civilian regime to another, the minister said if political parties continued manifesting this maturity, the day was not far off when Pakistan would emerge as a strong nation among comity of nations.
He said time was ripe that we adopt austerity and cut non-developmental expenditure to revive our economy, because only by achieving self-reliance we would be able to sustain.
"It is not an ordinary or traditional budget. It is extra ordinary and prepared just within five days when all the economic indicators were showing downward trends," he said.
He said growth rate and tax collection targets were missing, currency was depreciating, deficit and inflation were increasing and policy of currency notes printing had worsened the condition of economy."It was the time when the targets were being missed and production was shrinking when we prepared this budget."
He said, "We had the option of currency printing and borrowing but we opted for tough decisions. If the expenditures of common people will exceed their income they will have to sell their properties or borrow money. This would not be a healthy trend. We need to revive overall economy."
He said if political parties continued manifesting this maturity, the day is not far off when Pakistan would emerge as a strong nation among comity of nations.
He said time is ripe that we adopt austerity and cut non-developmental expenditure to revive our economy because only by achieving self-reliance we will be able to sustain.
"It is not an ordinary or traditional budget. It is extraordinary and prepared just within five days, when all the economic indicators were showing downward trends," he said.
He said growth rate and tax collection targets were missing, currency was depreciating, deficit and inflation were increasing and policy of currency notes printing had worsened the condition of economy.
"It was the time when the targets were being missed and production was shrinking, when we prepared this budget."
Ahsan Iqbal said it was for the first time in history of Pakistan that transition took place from one democratic government to another in a smooth manner.
He said the government of Pakistan Muslim League (PML-N) was going to introduce a transparent and merit based system of new oppoinments and adopting measures to combat corruption.
He said advertisements are being published to find efficient and capable persons from the country and abroad who would be appointed at different organizations as Chief Executive Officers (CEOs).
"The government also plans to introduce professional management system in Pakistan Steel Mills, Pakistan International Airlines (PIA) and other public sector departments suffering losses to ensure turn around and make them profitable one," he added.
The Minister said, "The government is focusing to make Pakistan a safe haven for Foreign Direct Investment (FDI). We are focusing to establish peace. We are trying to improve law and order situation and economy. We are also trying to remove concerns of FATA people."
"If we want to change our destiny we need to bring balance in our expenditures and incomes. We need to tap new resources to achieve self-sufficiency, he added.
Portraying the economic condition, Ahsan Iqbal said previous government had left Rs 500 billion Circular Debt for the new government, which is being paid. All the economic indicators were so disappointing and it seemed there was no proper planning.
The Minister said owing to weak and unwise policies of previous regime the government was now facing unemployment, low economic growth, corruption and poverty, adding that based on these realities PML-N pursued a hard course and prepared a budget in a very short period.
He said due to wrong policies the targets of economic growth, tax collection and inflation could not be achieved.
He assured through proactive policies the PML -N government would put the country on path of development and ensure relief for the masses.
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