Govt urged to craft a budget that reflects commitment to progress

KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain said that it is essential for the federal government to craft the upcoming fiscal budget in a way that sets it apart from previous ones, reflecting commitment to progress.

He emphasized that the new budget should prioritize economic growth, job creation, and national defence, which are essential for overcoming the current challenges and effectively addressing any hostile intentions.

Mian Zahid Hussain emphasized that the budget should aim not merely to cover deficits or offer temporary relief but to ensure long-term economic stability, which will pave the way for a prosperous future.

He emphasized that the government must make decisions that restore investor confidence and promote industrial growth. Policies should be adopted that encourage import substitution and boost exports to eliminate the $30 billion annual trade deficit. Without consistency and transparency in policies, the dream of progress cannot be realized.

He stated that the current weak tax system has become a significant problem, and without reforms, dependence on borrowing cannot be eliminated.

He proposed the abolition of all unnecessary exemptions on sales tax, income tax, and imports nationwide, as well as the implementation of an effective and uniform tax system.

Mian Zahid Hussain pointed out that these unjustified exemptions cost the national treasury hundreds of billions of rupees annually, which hinders economic sustainability and is unfair to sectors that pay full taxes.

He noted that despite repeated promises by past governments to privatize loss-making state-owned enterprises, implementation never followed. This inaction results in annual losses of trillions of rupees.

He stressed that the time has come for practical measures. Institutional reforms, privatization, and a fair tax system can lead the country toward economic self-reliance. These steps will reduce dependence on loans and can also increase investment and employment opportunities.

He added that the government must seriously consider economic realities in formulating the next budget to ensure public welfare and national security.