‘Keep budget proposals practical’

LAHORE: The Budget for FY21/22 should have doable suggestions of the business community in its fold, an official said on Monday.

Lahore Chamber of Commerce and Industry (LCCI) President Mian Tariq Misbah said that Pakistan was energy and water-starved country and needs substantial investment for the development of power sector infrastructure that is capable of meeting the growing needs of the economy.

To tackle the circular debt on a sustainable basis – ultimately Pakistan would have to ensure that the power sector is efficient and competitive, he said, adding that this would require consistent structural and institutional reforms.

Misbah said that special attention should be given to hydel power projects to produce cheap electricity. About taxation, the LCCI president said neither the existing system is economically neutral, taxpayer-friendly, equitable, progressive nor facilitative and supportive to generate healthy business activities for all.

Various distortion in the existing tax policies can be removed if the feedback of all the representatives of business organisations is given due consideration by the FBR authorities. About CPEC, the LCCI president said projects such as this have the potential to stimulate the local economy by increasing the demand for locally-manufactured goods. Such an increase in the demand will not only allow full utilisation of the existing manufacturing capacity but will also encourage manufacturers to increase their capacities, he added. ­