FAISALABAD: President Faisalabad Chamber of Commerce & Industry (FCCI), Atif Munir Sheikh has termed Federal Budget 2022-23 as balanced and comprehensive despite the critical economic situation and hoped that it would not only stabilise national economy on solid and sustained basis but also provide much-needed relief to the neglected and deprived segments of the society.

After listening to the Finance Minister’s budget speech directly from the National Assembly through a projector screen in the boardroom of the FCCI here on Friday, he was giving his immediate reaction to the media persons.

He said that Pakistan is passing through a serious situation and we should not put entire responsibility on the government but support its policies for the much needed economic stability.

He appreciated the trimming of government expenditures voluntarily and said that the business community should also emulate the slogan of “Be Pakistani and Buy Pakistani products” instead of consuming costly imported luxury items.

He said that the government has announced reasonable relief for the poor segments of the society and business community would also play its due role in this noble cause. He said that load shedding has inflicted severe blows to the economy in addition to creating problems for the commoners. He said that the government has proposed tangible measures to enhance power generation to eliminate the load shedding.

He particularly mentioned trimming of government expenditures, doling out subsidy on sugar and flour, reserving 25 percent quota in financing for females, payment of Rs40 billion refund claims of DLTL and sales tax refund to pharmaceutical sector in addition to cutting down withholding tax at distribution level and hoped that these measures would accelerate the pace of economic development.

Copyright Business Recorder, 2022