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    Saturday, 28 April 2018

    Budget of 2018-19 is balanced and industry friendly- MCCI Chief

    MULTAN,April 28th:The Multan Chamber of Commerce and Industry (MCCI) has given a mixed reaction on the federal budget 2018-19 and termed the Budget 2018-19 as balanced budget under the present circumstances being faced by the country and appreciated the government of Prime Minister Shahid Khaqan Abbasi for considering the grievances of common masses and announced incentives for promotion of different sectors.They called for addressing the reservations of the business community in the National Assembly where the budget document would be debated. Addressing a press conference, MCCI President Malik Asrar Ahmed, flanked by  Vice President Khawaja Muhammad Farooq  said that some good announcements including limit enhancement for income tax exemption, removal of Regulatory Duty on important raw materials, increase in development budget, allocations for agriculture & livestock sectors and raise in pensions etc.have been made in the budget while there are also some lacunas that must be addressed. Former office-bearers and MCCI Executive Committee members including Mian Iqbal Hassan, Khawaja Muhammad Usman ,Aurangzeb Alamgir, Muhammad Younas Ghazi, Aasim Saeed Sheikh,Khawaja Muhammad Hussain and Mirza Ali Ahmed were also present on the occasion. Asrar Ahmed Awan said increase in allocations for water and power projects would help in getting rid of energy crisis.
    Funds for infrastructure development would also attract foreign investment, he said and added that increase in defence budget was need of the hour as the country was facing security challenges. He also welcomed announcement for refunds, agriculture support fund and composite audit. Malik Asar said ‘As the first impression, it seems friendly budget. However, after going through the details of the budget and discussion, we shall be able to give business community’s reaction,
    The MCCI President said no measure has been suggested to reduce deficit as over Rs.1600 billion has been allocated for debt servicing. Borrowing should not be the part of government policy to overcome the budget deficit.
    He said that the best way to reduce the budget deficit is to promote economic growth as it will enhance government revenues. Malik Asrar Ahmed Awan said Kalabagh dam is also not a part of the budget, which means the country will not have a new big reservoir.
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    Item Reviewed: Budget of 2018-19 is balanced and industry friendly- MCCI Chief Rating: 5 Reviewed By: Asqamar