Summary 6pc GDP growth would bring country’s economy into limelight
KARACHI (Dunya News)- Karachi Chamber of Commerce & Industry (KCCI) President Shamim Ahmed Firpo has termed federal budget for fiscal year (FY) 2017-18 ‘political’ and has prophesized that politics would benefit more from it than the economy.
Firpo believes that new budget will facilitate trader community whereas it will increase difficulties of inflation-stricken public.
“With Rs500 billion of new taxes and with a hike of regulatory on 565 consumer products, public would face an extreme upward trajectory of inflation in the coming days,” added Firpo.
“6pc GDP growth would bring country’s economy into limelight. China-Pakistan Economic Corridor (CPEC) would play a key role in accelerating growth rate whereas government’s role would remain minimum in this regard,” narrated Firpo.
“Imposition of new taxes worth Rs500 bn and a tax shortfall of Rs350 billion means that federation would require Rs750 bn extra to meet the revenue shortfall,” asserted the president.
Former president of KCCI Siraj Qasim deplored that nothing was allocated for Karachi in the new budget.
Another former president of KCCI, Haroon, predicted that packages offered to peasants would multiply their miseries instead of curing them. He called for erection of dams in bid to provide state-of-art infrastructure to the agriculture sector.
All Pakistan Fruit & Vegetable Exporters, Importers & Merchants Association (PFVA) Spokesmann Waheed Ahmed disclosed that finance ministry had assured him to provide relief to fruit and vegetable exporters but the promise had not been fulfilled.
“Exporters of fruits and vegetables are tackling climatic changes and high production costs owing to which they (exporters) are unable to compete in international markets,” asserted Ahmad.
Similar thoughts were uttered by Karachi Traders Alliance Association Chairman Ayaz Memon who forecasted that new budget would push economy in downward trajectory. He accused Finance Minister Ishaq Dar of ignoring small traders. He feared that economic and trading activities would be hindered by the new budget.
