A market based economic model is the most effective tool to put economy back on track and mechanism to this regard needs to be evolved in collaboration with private sector for the progress and prosperity in the country.
This was the focus of the speeches delivered at a seminar on "Economic Management of Pakistan" at the Lahore Chamber of Commerce and Industry (LCCI). LCCI Vice President Faisal Iqbal Sheikh and Chairman Capital Management, Karachi Mohammad Muzaffar were among the prominent speakers.
The LCCI Vice President Faisal Iqbal Sheikh said that the LCCI was making its best efforts for an economic turnaround of the country. But, he said that all the stakeholders' involvement is a must to achieve the goal. Unless and until both sides-the public sector and the private sector-join their heads, economic turnaround would remain a dream.
We, as a nation, would have to shed ad-hocism once for all if we want to put the country on path to progress and prosperity, he said and added that Lahore Chamber of Commerce and Industry in consultation with all the political parties was trying to finalise a 15-year economic agenda that would ensure continuity in policies for being a prerequisite to progress and prosperity.
Speaking on the occasion, the Chairman Capital Management Mohammad Muzaffar stressed the need for switching over to market-based economic model in the best interest of the nation. He highlighted the importance of direct and indirect taxes in the economic management and said that a balance in direct and indirect taxes should be ensured to eradicate poverty in the country.
He was of the view that the present government is duty bound to correct the gross imbalance in the direct and indirect taxes if it is sincere in eradication of poverty from the country. The other speakers also threw light on many areas, including acute power shortage and political uncertainty in the country.