KARACHI: In view of the unprecedented economic challenges that Pakistan is currently facing, the Karachi Chamber of Commerce and Industry (KCCI) has prepared its proposals for Federal Budget FY2023-24 based on the recommendations and suggestions from its members and trade associations to deal with the major issues and rescue the country from present economic crisis.

As a result of sharp decline in forex reserves, steep devaluation of Pak Rupee against major currencies and restriction on opening of LCs, the trade and industry across the entire spectrum of economy are finding it extremely difficult to survive. Industries are running out of raw materials while many SMEs have already shut down their operations because they are dependent on commercial importers for supply of raw materials

Historically high rate of inflation has pushed the prices of consumer goods and commodities to a level where these are beyond the reach of poor and lower middle class. As a consequence of these factors, demand for various goods has decreased and the country is facing an economic slowdown.

KCCI believe that out-of-box solutions are needed to avoid further downslide of economy. It is important for the decision-makers in the government to have a better perception of ground realities of Pakistan’s economic landscape and business dynamics. “We believe that the Ministries of Finance, Commerce and FBR will have to look beyond the traditional approach to dealing with present situation and come up with out-of-box solutions to put the economy back on track.”

In these proposals; therefore, KCCI has suggested measures which are a departure from conventional approach and included the recommendations that will facilitate revival of industrial and trading activities in the country.

Copyright Business Recorder, 2023