1- LCCI terms it a good balanced one despite economic hardship
2- Others name it a non-business, poor friendly budget
LAHORE: Industrialist and traders have reacted differently on the Budget 2019-20. The Lahore Chamber of Commerce & Industry has termed Federal Budget 2019-20 balanced despite economic hardship while other said called the budget a non-business and poor friendly one.
After the Federal Budget speech, the LCCI President Almas Hyder, who was flanked with the Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal, said that various proposals of the Lahore Chamber of Commerce & Industry have been accepted in the federal budget.
He said that zero-rate of duties on 1600 items including raw materials reduce the cost of doing business. It is a very good step and was a joint proposals of all Chambers of commerce & Industry of the country.
He said that after good reforms, current account deficit would be reduced from $ 12 billions to $ 7 billions.
He said that government has allocated collectively Rs. 100 billions for dams/water projects that shows the seriousness of present regime. It would help get rid of water scarcity and would also help generate cheap hydel power.
The LCCI President said that privatization of loss making public sector enterprises is a good step as these are eating-up huge money of the taxpayers. He also lauded increase in minimum wages, crop insurance and cut in salaries of the cabinet.
He said that government should ensure early payment of refunds as delay is not only causing hardship to the business community but is also promoting trust deficit.
He said that Assets Declaration Scheme was idea of the Lahore Chamber of Commerce & Industry. Business community must avail this opportunity.
He said that vehicle prices would go up after increase in excise duty on vehicles that would affect auto industry development plan.
The LCCI office-bearers said that government would have to make exceptional efforts to achieve the economic targets set for the next financial year. They said that target of Rs.5550 billion is set for the next financial year. They said that to achieve this huge target, government would have to facilitate the trade & industry, taxpayers and would have to focus on tax expansion.
Arshaid Bhatti, Customs Committee convener said that over Rs 1000 billion revenue collection will be met through the direct and indirect taxes.
He said that this will further added to the inflationary pressures on the economy making life difficult for the people of all walks of life.
Former SVP LCCI Khawaja Khawer Awais Prach, LCCI committee convener said that the abolition of Customs duty on 1600 custom lines will pave the ways for export enhancement in the country.
Rahmatullah Javaid said that this was good balanced budget and he hopped that the small and medium industry will get a boost.
Former LCCI Presidents Iftikhar Ali Malik, Mian Anjum Nisar, Shahid Hassan Sheikh, Muhammad Ali Mian, Malik Tahir Javed, former Senior Vice Presidents Irfan Iqbal Sheikh, Mian Tariq Misbah, Amjad Ali Jawa, Kh. Khawar Rasheed, former Vice President Zeshan Khalil and Executive Committee Members were also present on the occasion.