The Chairman of the National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of the All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on Wednesday that the government’s decision to pursue sustainable development instead of rapid artificial growth for cheap fame is commendable.
He said sustainable development is not possible without important economic reforms, and reforms in the tax and energy systems must remain at the top of the list.
Mian Zahid Hussain said that the prime minister and the army chief have ensured political stability in the country.
Moreover, the pace of eliminating terrorism, domestic and foreign investment, and economic reforms is satisfactory, and the efforts of negative elements are constantly failing in the face of our leaders’ determination.
The World Bank’s approval of a $40 billion loan is evidence of progress in the right direction, and the government will not face any particular difficulty in obtaining the next IMF instalment.
The business leader said that in developed countries, the entire economic system revolves around tax culture, which gives people a lot of relief.
In contrast, in a country like Pakistan, a tax culture does not exist, and instead of direct taxes, indirect taxes are preferred, which has greatly damaged the poor and the economy.
Mian Zahid Hussain said that until the tax culture is developed and the FBR gains the people’s trust, the growth rate will remain low. Due to this, the people will face unemployment, and the government will face a shortage of resources.
The incompetent rulers of the past artificially increased the growth rate to throw dust in the eyes of the people, which brought the country to the brink of bankruptcy. Former Prime Minister Nawaz Sharif, current Prime Minister Mian Shahbaz Sharif, and Army Chief General Asim Munir saved this.
President Asif Ali Zardari, Mian Nawaz Sharif, Mian Shahbaz Sharif, the establishment, patriotic politicians, and the business community realize that political and economic stability in the country is very important, and all possible steps are being taken to achieve this goal. On the other hand, a group of people who are afraid of consequences are busy digging the foundations of the country.
Mian Zahid Hussain said that slow development is sustainable, but unfortunately, serious efforts have not been made in this regard, which is tantamount to economic suicide. In the past, governments used to try to complete all development projects in their own time, which caused long-term planning to be delayed, and this haste has ruined the country’s economy.
Prime Minister Shahbaz Sharif and the Army Chief aim to lower the tax rate, but they cannot achieve this without raising the tax-to-GDP ratio. At present, industries are burdened by expensive electricity and taxes, while the export sector, construction sector, agriculture sector, and other sectors face problems due to expensive electricity and high taxes.
Mian Zahid Hussain further said that the public, political parties, and the business community should cooperate fully to fulfil the vision of the Prime Minister and the Army Chief so that Pakistan can be made a strong economic power.
