The representatives of business community have asked the government to take concrete steps to keep the industrial wheel moving and facilitate the businesses, which are playing a great role in providing jobs to the people and revenue to the government.
The All Pakistan Business Forum (APBF) President, Syed Maaz Mahmood, has expressed concern over a meager cut of just one percent in key policy rate to 8 percent.
He called for significant cut in import duties and waiver of sales tax, income tax and additional income taxes. He urged the central bank to announce a soft loan with a maximum markup rate of 3 percent especially for the SMEs.
"Mere statements would not work. Solid measures including sizable reduction in fuel prices, bringing down key policy rate to 3 percent, regionally competitive energy rates and substantial cut in duties and taxes or their complete waiver are needed at the current challenging time," he said.
"The APBF endorses the demand of all other trade and industrial bodies as well as chambers of the country to take strict action against those shipping lines and port terminals which are not honouring the government directives to relax detention and demurrage charges at least in the lockdown period," he added.
APBF Chairman Ibrahim Qureshi said that with a view to saving the economy from the impacts of the slowdown due to COVID-19, the government should announce special incentives for a cash-strapped small and medium industry, which represents more than 90 percent of around 3.2 million business enterprises in Pakistan, contributing 40 percent to the GDP, employing more than 80 percent of non-agricultural workforce, and generating 25 percent of export earnings.
On the other hand, the Lahore Chamber of Commerce & Industry (LCCI representatives have welcomed the government's business friendly measures, but called for ensuring implementation of Standard Operating Procedures (SOPs) amid Covid-19 situation.
The LCCI President Irfan Iqbal Sheikh, SVP Ali Hussam Asghar and VP Mian Zahid Jawaid Ahmad said that on demand of the Lahore Chamber, the government has allowed opening of markets, shopping malls and mega departmental stores which would help revive business activities.
They also suggested to the government to allow round-the-clock working of the businesses till Eid that would enable the people to make purchases at their ease.
The Pakistan Industrial and Traders Association Front (PIAF) representatives have also appealed to the government to extend permission to the business community to run their businesses 24/7 till Eid-ul-Fitr.
PIAF chairman Mian Nauman Kabir, in a joint statement with senior vice chairman Nasir Hameed Khan and vice chairman Javed Iqbal Siddiqi said that Eid is an important event for the business community when business liabilities are paid off along with benefits to hundreds and thousands of people attached with different operations of the economic activities.
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