LAHORE: The Lahore Chamber of Commerce & Industry termed the Federal Budget 2021-22 as balanced saying that most of the LCCI proposals have been accepted.
While addressing a Press Conference after Federal Budget Speech 2021-22, the LCCI President Mian Tariq Misbah, flanked by the Senior Vice President Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry, said that reduction in regulatory duties on raw materials will bring down the cost of doing business.
Former office-bearers and LCCI Executive Committee members were also present on the occasion.
The LCCI office-bearers said that reduction in regulatory duty will boost competitiveness of the industrial sector. They said that Pakistani merchandise was facing problems in the international market due to high cost but now situation will be better.
They said that on demand of the Lahore Chamber of Commerce & Industry, custom duty and additional custom on raw materials of pharmaceutical industry have been reduced, which will help to bring down the prices of medicines.
"The package is good for the farmers", they said addition that if their problems are solved, the agriculture sector will be developed, crop production will increase and the country will be self-sufficient. They said that 70 per cent population is attached with the agriculture sector.
The LCCI office-bearers said that Development Fund has been increased by 40 per cent as compared to the previous financial year that is a good sign. This will boost economic activities in the country. "Development Fund considered the engine of growth in the developing countries like Pakistan", they said.
They said that relief to the construction and housing sector will not only benefit and promote construction activities in the country but will also be beneficial for the allied industries. They said that exemption to the machinery for setting up plants in the Special Technology Zones is a good step. This will help development of engineering and IT sectors.
They said that Rs 118 billion have been allocated for refunds to the exporters which will solve their financial problems. They said that increase in minimum wages to Rs 20,000 will give relief to the lower class.
"Self Assessment Scheme is commendable", they said and also welcomed reduction in tax on vehicles. They said that a special scheme should be introduced for the traders as they have beared heavy loss due to covid.
They said that only Rs 91 billions have allocated for the construction of dams which is not sufficient. They said that Pakistan is already facing shortage of water and new dams are eed of the hour. Funds for dams should be increased.
They further stated that challenges arose because of covid but the tax target has been increased. "How it will be met," they question.
Copyright Business Recorder, 2021