Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said the business community is pleased with the steps taken by the government to improve the growth rate.
The decision to freeze power tariffs for industrial consumers for one year and reduce the power tariff for domestic consumers will improve the economic situation and provide relief to the masses.
Mian Zahid Hussain said that the travel and tourism sector, which is closed for over a year due to pandemic, should be given a relief package.
Talking to the business community, the veteran business leader said that the government has decided to improve the agriculture sector, increase and diversify exports, increase subsidies and extend the construction sector amnesty scheme to December 31 are reasonable steps; however, the issue of water scarcity should also be tackled on preference.
He said that the finance minister enjoys the confidence of the business community and some influential opposition leaders, which will help him forge consensus on important issues, making the economy competitive in few years, reducing the deficit and improving the living standard of the masses.
The government should strive to reduce the cost of doing business in the budget while making the tax system easy while improving taxes from the retails sector through various steps, including strengthening the point of sale system, he demanded.
He said that the government is planning to extend power sector repayment of loans, including IPPs and the power sector, which will reduce circular debt. At the same time, payment of 90 billion rupees of 35 IPPs within days will improve overall conditions in the power sector.
The government has decided to abolish peak and off-peak tariff for domestic consumers and reduce the tariff for people consuming additional electricity, which will increase demand for electricity and save gas; that is a right move, he said.