Business community expects growth-oriented, industry-friendly budget

RAWALPINDI (APP): The Rawalpindi Chamber of Commerce and Industry (RCCI) on Sunday expressed the hope that the upcoming budget 2023-24 would be growth-oriented and industry-friendly.
Rawalpindi Chamber of Commerce and Industry (RCCI) President Saqib Rafiq while addressing the 8th executive committee meeting at the Chamber House, said the business community expects that a comprehensive industrial package would be announced which would help bring the ailing economy on the right track.
“Time has come to take firm decisions and adopt an export promotion strategy, set the right direction and we strongly demand that the basis of Pakistan’s economy shall be on exports instead of imports,” he said.
The President Rawalpindi Chamber of Commerce and Industry (RCCI) hoped that the Finance Minister would introduce measures for promoting exports including incentives for export-oriented industries, facilitation of trade agreements, provision of export financing and the development of export-related infrastructure.
He said that the Rawalpindi Chamber of Commerce and Industry (RCCI) had always been vocal and demanded that the tax net must be broadened to meet the budget targets. There is a need to bring non-tax paying sectors into the tax net, he added.
Saqib called for taking all stakeholders on board for devising any policy framework and added that Finance Minister Ishaq Dar would engage all the chambers of commerce before finalizing the budget document.
“We want to present and discuss budget proposals, key measures and recommendations on various sectors ranging from trade, taxation, tourism, SME, agriculture, livestock, IT, non-conventional sectors, gems stone, smuggling and others”, he expressed.
He desired to implement policies that promote macroeconomic stability, control inflation and ensure a stable exchange rate. This stability provides a conducive environment for businesses to plan their investments and operations effectively, he added.
He urged the government to control the ratio of high-interest rates, steep devaluation of the Pak rupee, and skyrocketing inflation which had increased the cost of doing business manifold.
Due to restrictions of the opening of LCs, industries were running out of raw materials and many have already shut down their operations as they were dependent on commercial importers for the supply of raw materials, he further added.
Saqib said that streamlining bureaucratic procedures, reducing red tape, implementing online systems for registration and approvals, and enhancing investor protection mechanisms would help in doing business.
The government must introduce investment incentives including tax breaks or exemptions for specific industries, subsidies for research and development, access to credit facilities, and measures to promote entrepreneurship and innovation, he added.