Govt fully ca­pa­ble to drive coun­try out of present eco­nomic cri­sis: SAARC CCI

Daily Messenger - - Biz -

IS­LAM­ABAD: Busi­ness com­mu­nity of the coun­try Fri­day re­posed full con­fi­dence on the dy­namic lead­er­ship of Prime Min­is­ter Im­ran Khan and much op­ti­mistic that the in­cum­bent govern­ment has full po­ten­tial and firm com­mit­ment to drive the coun­try out of present eco­nomic cri­sis.

This was stated by Se­nior Vice Pres­i­dent of SAARC Cham­ber of Com­merce and In­dus­try and Chair­man Busi­ness­men Group Iftikhar Ali Ma­lik, while talk­ing to Ad­vi­sor to Prime Min­is­ter on Com­merce Ab­dul Raz­zaq Da­wood.

A group of lead­ing busi­ness­men called on Ad­vi­sor to Prime Min­is­ter and dis­cussed in de­tails the pos­si­ble so­lu­tions of the eco­nomic cri­sis and role of busi­ness com­mu­nity for sup­port­ing the govern­ment’s eco­nomic poli­cies to bring back the coun­try on the track of eco­nomic pros­per­ity, says a press re­lease is­sued here.

On this oc­ca­sion, Iftikhar Ma­lik said that higher ex­ports is the only so­lu­tion to get the coun­try out of this cri­sis and it is the only way that can help re­pay the above debts oth­er­wise the coun­try would never be able to get out of the debt trap.

It would have to take fresh loans to ser­vice the prin­ci­pal amount and in­ter­est of the ac­tual loans which is al­ready over $93 bil­lion, he added. He said that to in­crease ex­ports, the govern­ment of PTI had to ad­dress ma­jor odds hurt­ing in­dus­try and ex­ports such as high cost of do­ing busi­ness, avail­abil­ity of en­ergy both gas and elec­tric­ity, at an af­ford­able price as com­pared to our re­gional com­peti­tors.

Ad­e­quate sup­ply of raw cot­ton, timely pay­ment of Sales Tax and In­come Tax Re­funds to avoid liq­uid­ity prob­lem, ru­pee dol­lar par­ity, short­age of skilled man­power, lack of in­sti­tu­tional sup­port and in­fra­struc­ture fa­cil­i­ties were pre­req­ui­site for eco­nomic turn around.

He said con­struc­tion of 5 mil­lion houses will give im­pe­tus of eco­nomic ac­tiv­i­ties in the coun­try, adding that there was a dire need too to in­vest in pro­duc­tion ori­ented sec­tors to boost the ex­ports of the coun­try.

Iftikhar Ma­lik urged the govern­ment for tak­ing mea­sures for en­hanc­ing tax net to in­crease rev­enue, with the con­sul­ta­tion of all pro­vi­sional stake­hold­ers. “The mo­bi­liza­tion of do­mes­tic re­sources through re­forms in tax­a­tion was es­sen­tial to en­sure sus­tain­able fi­nanc­ing of de­vel­op­ment as govern­ment would not de­pend on for­eign loan.

He also urged for tak­ing steps to sim­pli­fy­ing tax struc­tures and slash­ing per­sonal tax rates to en­cour­age more peo­ple to file re­turns.

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