Just a day before the presentation of federal budget for next financial year, Muttahida Qaumi Movement (MQM) Pakistan (PIB) on Thursday presented its shadow budget proposing five percent of GDP to health and education sectors each and introduction of land reforms by eliminating big landholdings to enhance the agriculture productivity.
MQM Pakistan (PIB) chief Dr Farooq Sattar while presenting the shadow budget of his faction of the party said that this has been old tradition of the MQM to present its shadow budget and continued this practice despite what he called the worst organizational crisis within the party.
Dr Sattar said that total outlay of the shadow budget comes around Rs 5600 billion with the projected growth rate seven percent. Shadow budget proposed the budget deficit at Rs 1300 billion, which comes around 3.5 percent of GDP. Our budget deficit is lower compared to federal government's figures of over five percent budget deficit, Sattar stated.
He opined that lower budget deficit in terms of percentage compared to national figures is due to our focus more on generating national income by cutting the size of expenditure. The MQM PIB chief said that size of national income would be increased by focusing on direct taxes and reducing the dependence on indirect taxation, which is burdening the common man badly. "We also urge that agriculture sector should be brought into tax net and large landholdings should be abolished. He, however, proposed that agriculture income up to two million rupees should be exempted from tax to benefit the small growers and farmers.
He also proposed subsidy on fertilizers, seeds and other inputs to increase the agriculture productivity. Dr Sattar also called for resolving circular debt issue once and for all to overcome the energy crisis.
The party's budget also proposed for empowering local governments financially by ensuring that funds transferred from center to provinces under NFC should come down to city and district governments to ensure sustainable growth. Dr Sattar said that social sector development is a panacea for national development and added that five percent of the GDP has been proposed for education and health sectors each in the shadow budget.
The party's budget proposed 1500 billion rupees for development budget for next year and reduction in non- development expenditure. The budget document proposed developing alternate energy resources, construction of small hydal projects. It also proposed management of external and internal debt, which is eating up big chunk of national income.
About CPEC, Sattar said that it should be made national project and said that Karachi should be given its due share by revival KCR and construction of road from city to Basima in Balochistan. He also emphasized upon competitiveness of economy, which would attract foreign Investment as Pakistan is even at the lowest ebb in South Asia region in terms of competitiveness.
The MQM PIB Chief opposed the privatization of state owned enterprises and proposed a public-private partnership to reduce the financial losses and making them profitable organizations. Dr Sattar said that Pakistan needs solid economic system after Pakistan achieved impregnable defence system through stockpiles of missiles and other arsenal. This is an era of geo economics as the era of geo politics has passed.
Dr Sattar said that a radical change in the national economy would be possible only when middle class party like MQM Pakistan would have majority in the assemblies to do the legislation for the betterment of economy and people.
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