Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday said that the fiscal budget 2009-10 "apparently" did not meet the expectations of industry to make the exports zero-rated in real terms, however it will issue a policy statement on the budget within next 24 hours.
Addressing a press conference along with his team, President FPCCI Sultan Chawla said that the budget could be immediacy dubbed as anti-people or industry soon after its presentation in National Assembly rather for judging the fiscal policy document, its details were required. Reacting to the budget speech of State Minister on Finance Hina Rabbani Khar, he said that she failed to elaborate the ways of solving power and gas crises, which the industries are confronting at present.
He said that unless the SBP reduces the discount rate to a single digit, hopes of growth in industrial output and reduction in poverty level through bringing down the inflation rate to 9.5 percent for the fiscal year 2009-10 couldn't become reality. About the implementation of Industrial Relation Act 2008, President FPCCI said that on this issue the government had not consulted the federation, however it still reserves views on budget which will be put forth wthin 24 hours.
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