The opposition lawmakers in the National Assembly on Wednesday called for proper documentation of real estate business and stock market to check investment of black money. They called for brining real estate and stock market effectively into the documented economy as people are using these sectors for whitening of their black money.
Taking part in the budget debate, the lawmakers said that the government missing most of the economic targets set in the budget for the current fiscal year and presenting a traditional budget where no relief has been given to the general public. Dr Azra Fazal of PPP said the budget was a jugglery of figures and based on framework given by IMF. She said zero point six percent withholding tax on bank transactions for non-filers is unfair because majority of the non-filer are low paid employees.
She called for proper restructuring of FBR to stop revenue leakages. She further said that service sector was the only sector performed better in the current fiscal year, however no incentives have been proposed in the budget for 2015-16. Dr Arif Alvi of Pakistan Tehreek-e-Insaf (PTI) said that documentation and monitoring of the real estate investments and stock market business would leave no room for black money investment in these sectors.
He further said that economic survey shows that most of the targets including GDP growth rate, resource mobilisation, poverty alleviation, access to health and education, inflation and jobs remained negative. He asked the government to pass an act to outlaw Benami holding of properties. This singular act will reduce black money investments. Alvi further asked the government to construct Karachi to Bisma (north of Gwadar) highway to link Karachi to western route of China-Pakistan Economic Corridor (CPEC). The government earmarked Rs 500 million for K-4 water project in Karachi which needed to be increased by Rs 3 billion as crisis is deepening. Railway Ministry should be provided with a special grant to revive Karachi Circular Railway, which can help in reducing transport problems.
Syed Asif Hasnain of Muttahida Quami Movement (MQM) said that contrary to Finance Minister' claims, budget deficit was on the rise, circular debt reached Rs 270 billion, GDP growth target was missed. He said that like Afghanistan, where seven countries including India provide 80 percent of the budget, Pakistan too take loans from International Monetary Fund (IMF) and World Bank to meet its budget requirement.
Sahibzada Tariqullah from JI stated that government failed in achieving economic targets including arresting inflation, enhancing exports despite getting the GSP plus status. He lauded the government for creating consensus on China-Pakistan Economic Corridor and proposed transparent mechanism for the project. He further demanded payment of net hydel profit to Khyber Pakhtunkhwa province. The JI lawmakers demanded increase in allocation for the Lowari Tunnel project to complete it by 2017. Ghulam Ahmed Bilour urged the government to focus on hydel power generation to overcome electricity shortage in the country. He said there is a great potential in KPK to generate hydel electricity.
Taking part in discussion, Awais Ahmed Khan Leghari said due to prudent policies of the government, GDP growth had increased, per capita income went up from 1380 dollars to 1512 dollars and inflation came down to four point six percent. He further said that grey trafficking caused the national exchequer about $4.4 billion during 2008-13, however due to the prudent policies of the current government, grey trafficking had been brought to zero. Further risk indicators to economy have been minimised. Privatisation's of sick institutions are imperative while regulatory framework needs to be improved.