Result-oriented budget demanded

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has emphasised on the need for a result-oriented budget aimed at addressing the miseries of trade, industry and economy, a statement said on Monday.

LCCI President Malik Tahir Javaid said that the federal budget is the most important document of any country, as it sets economic directions throughout the year. Pakistan is energy and water-starved country and needs to make substantial investment for the development of the power sector infrastructure that is capable of meeting the growing needs of the economy, he added.

The LCCI president said to tackle circular debt on sustainable basis – ultimately Pakistan has to ensure that the power sector is efficient and competitive. Kalabagh Dam should not be sacrificed to the political wills of some elements, it added.

About taxation, Javaid said that neither the existing system is economically neutral, taxpayer-friendly, equitable, progressive nor facilitative and supportive to generate healthy business activities for all.