FCCI hails budget, lauds trimming of govt expenditures

Faisalabad’s industrialists and business community have termed the fiscal budget 2022-23 presented by the federal government as balanced, saying it will boost the country’s economy, promote business and create jobs.

Faisalabad Chamber of Commerce & Industry chief Atif Munir Sheikh said the budget was balanced and comprehensive despite the critical economic situation prevailing in the country. He hoped that it would not only stabilise the national economy on a solid and sustained basis but also provide much-needed relief to the neglected and deprived segments of society.

After listening to the finance minister’s budget speech directly from the National Assembly through a projector screen in the boardroom of the FCCI here on Friday, he was giving his immediate reaction to the media.

He said that Pakistan is passing through a serious situation and “we should not put the entire responsibility on the government, but support its policies for the much needed economic stability”.

He appreciated the trimming of government expenditures voluntarily and said that the business community should buy Pakistani products instead of consuming costly imported luxury items.

Faisalabad Small Chamber and Small Industries Chairman Choudhry Shafiq Anjum said that the government has announced reasonable relief for the poor segments of the society, and the business community would also play its due role in this noble cause.

He said that loadshedding has inflicted severe blows to the economy in addition to creating problems for the commoners. He said that the government has proposed tangible measures to enhance power generation to eliminate the loadshedding.

He particularly mentioned trimming government expenditures, doling out subsidies on sugar and flour, reserving a 25 percent quota in financing for females, payment of Rs40 billion refund claims of DLTL and sales tax refund to the pharmaceutical sector in addition to cutting down withholding tax at the distribution level and hoped that these measures would accelerate the pace of economic development.

Pakistan Textile Exporters Association Chairman Sohail Pasha appreciated the announcement of the government to establish four knowledge parks.

He also lauded the decision to allocate funds for education, health and youth and hoped that these measures would usher into a new era of progress and prosperity.

He expressed his firm resolve that industrialists and the business community would also play their role in this journey towards making Pakistan a welfare state.