"The economic policies of the present government have brought positive changes in the economic set-up of the country. The reforms initiated by the government have led to growth in manufacturing, recovery in agriculture, fiscal deficit reduction, decline in foreign and domestic debts, increase in remittances, upsurge in stock market, and low inflation."
This was the consensus of the speakers at a pre-budget seminar, organised by the Institute of Cost & Management Account-ants of Pakistan (ICMAP) in Lahore.
Asim Zafar, chairman, Lahore Stock Exchange; Shaukat Amin Shah, FCA, former president, Institute of Chartered Accountants of Pakistan; were the guest speakers on the occasion while Lahore Chamber of Commerce and Industry (LCCI) President Mian Anjum Nisar was the chief guest.
The speakers stressed that the existing reforms should continue for the further betterment of socio-economic scenarios in the country.
They suggested that Pakistan should invest more in education to improve literacy rate with the emphasis on technical education. "We should alleviate poverty through micro-credit and job creation. Infrastructure must be developed, and should be more agriculture-oriented", they pointed out.
The speakers also said the national debt should be given priority, and must be retired at the earliest. Moreover, defence capability should be rationalised with more stress on deterrence than aggression, they added.
"We have to indigence industrial production and broaden the tax net besides, documenting the economy. More and more value-added products should be exported, and the budget should be investment and business-friendly", they suggested.
The speakers also pointed out that taxes and duties on raw material and finished goods should be so adjusted so as to make our products more competitive in the national as well as international markets.
They were of the view that the taxation system must be rationalised and the discretionary powers given to tax officers should be more business sympathetic.
It was emphasised that instead of following the western economic system, it would be more appropriate for Pakistan to shape its own destiny based on true Islamic concept of equality and social justice.
Earlier, S.M. Jamil, FCMA, the chairman of the Lahore Branch Council of the Institute of Cost and Management Accountants of Pakistan, presented the address of welcome.
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