Concrete efforts needed to bring economy back on track
Newly-appointed Minister of State for Finance Rana Afzal Khan has to make concrete efforts to bring economy back on track and to tackle threats such as unimpressive exports, rising imports, huge trade deficit, rupee devaluation and mammoth debts.
Congratulating Khan on his appointment, LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeeshan Khalil called for immediate measures to improve the economic signals and socioeconomic structure of the country.
Presenting some proposals, Javaid said that consultation in policy making will bring economy out of mire; therefore, stakeholders must be taken on board on economic matters.
Only direct taxes should be levied and indirect taxation should be removed, he said, adding that agriculture income must be taxed. “By this, we mean that people with land occupancy of more than 10 hectares should be taxed, if the land has been cropped,” he said.
The LCCI president said among the alternative sources of energy, biomass shows tremendous potential. The total capacity in biomass is 22,800MW in Pakistan and little technical training is required to make use of this resource. The Alternate Energy Development Board (AEDB) must concentrate on it to establish these units in villages, Javaid said, adding that coal, hydropower and biomass will produce energy at a flat rate of less than Rs5/unit for the next 20 years, helping the manufacturing industry to grow unabated.
“It is recommended that all political parties should have a special wing that should comprise of social, economic and financial experts. This wing should cover finance, planning, infrastructure, energy, mining, industries, trade, food, agriculture, dairy and livestock, information technology, communication, commerce, resource mobilisation, education, health and financial disciplines.
These experts should work like shadow cabinet members of the political party concerned to make constructive inputs for all national and international economic issues,” the LCCI president added.