KARACHI: Leaders of the United Business Group (UBG) S M Muneer, Zubair Tufail, Shahzad Ali Malik, Zafar Bakhtawari and Khalid Tawab have termed the Federal Budget 2022-23, announced by the Federal Finance Minister Miftah Ismail on June 10, 2022, as growth oriented and balanced which was prepared after a deep and well thought-out analysis, taking stocks of all ground realities and challenges being confronted by the country with the aim to boost its economic growth.

They added, “The main focus of the maiden Budget - initiated by the newly formed coalition government - is on huge development in agricultural sector and providing relief to unprivileged masses.”

They appreciated the coalition government for taking difficult measures and decisions for an economic turn around, sustainable development and industrial boom to steer out the country from multi-faceted economic crises including stagflation like situation. Moreover, they added that a hefty income tax relief is proposed to be allowed to hard pressed salary class by enhancing basic threshold of taxable salary from current Rs0.6 million to Rs1.6 million and as such a huge amount of rupee benefit would be passed-on to the salaried individuals, which consequently, would generate a positive economic cycle thus increasing their disposal income, thriving of business, creating additional job opportunities, decline in current unemployment rate and generation of future tax revenue.

Referring to the main strategy of the Finance Bill 2022, the UBG Leadership hoped that its fiscal measures would go a long way in stabilising economic growth, slashing current inflation rate, generation of additional revenue, documentation of economy, boosting exports to its real potential, protecting/ relief to unprivileged class and low income groups.

Copyright Business Recorder, 2022