Business Community Hails Govt For Remarkable Economic Achievements

Business community in general and top business leaders in particular on Thursday hailed the present government for showing remarkable achievements in many sectors of economy during the current financial year

LAHORE, (UrduPoint / Pakistan Point News - 10th Jun, 2021 ) :Business community in general and top business leaders in particular on Thursday hailed the present government for showing remarkable achievements in many sectors of economy during the current financial year.

They added that despite all odds, PTI proved its skills in running the affairs of the state as almost all economic indicators were showing an upward trend that would definitely have far-reaching impacts in improving the living standard of the common man. The PTI government had consulted the industrial associations and trade bodies and assured to incorporate their general and sector-specific proposals in the upcoming federal budget for fiscal year 2021-22.

South Asian Association for Regional Cooperation-Chamber of Commerce and Industry (SAARC-CCI) President and United Business Group (UBG) Chairman Iftikhar Ali Malik, former President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Zubair Tufail, Faisalabad Industrial Estate Development and Management Company (FIEDMC) Chairman Mian Kashif Ashfaq, former FPCCI Vice President Chaudhry Zahid Iqbal Arain, former Senior Vice President of Lahore Chamber of Commerce and Industry (LCCI) Mehar Kashif Younis and a steel exporter Mian Saeed Derawaley expressed these views while giving their opinion to APP on the Economic Survey of Pakistan 2020-21 unveiled by Federal Finance Minister Shaukat Tarin in Islamabad.

SAARC-CCI President and UBG Chairman Iftikhar Ali Malik said that growth in industrial, agriculture and services sector as well as enhanced export revenues during current financial year ending June 30, 2021 was recorded due to effective and viable policies of the present government. He said that according to economic survey, country's economy experienced contraction of 0.47 per cent yester year due to adverse impacts of Covid-19 pandemic but GDP growth up by 3.94 percent against the target of 2.1 percent during first nine months of this FY mainly because of best performance of industrial and services sector. Similarly, growth in large-scale manufacturing (LSM) was also increased by nine per cent; he said and added that it was all become possible due to better economic policies of PTI government under the leadership of Prime Minister Imran Khan.

Former FPCCI President Zubair Tufail said that Pakistan economy was recovering as the present government incentivized the manufacturing, textiles, construction, and agriculture sectors. He said that agriculture sector attained its growth target of 2.8 percent, while industrial sector surpassed its target of 0.1 percent by growing at 3.6 percent and the services sector also grew by 4.4 percent instead of its target of 2.6 per cent. He said that despite having first time in government, the PTI and Prime Minister Imran Khan deserved applause for showing best performance on economic front.

FIEDMC Chairman Mian Kashif Ashfaq said that though PTI had inherited a jeopardized economy and ruined system of governance, it proved its abilities by increasing foreign exchange reserves from USD 9 billion to USD 23 billion, and enhancing export revenues by 13.5 per cent with total export revenue volume of USD 21.5 billion today. The dynamic leadership of Prime Minister Imran Khan had a clear vision and well aware of Pakistan's problems and launching various initiatives in industrial, agriculture, services and social sectors as well as giving tax and other relief packages that was why the country's economy was now growing.

Former FPCCI Vice President Chaudhry Zahid Iqbal Arain said that despite Covid pandemic, Federal board of Revenue (FBR) tax collection grew by 14.4 percent with Rs 3780.3 billion in first ten months of current FY, while it was Rs 3303.4 billion during corresponding period of last FY. The government poised to collect Rs 4691 billion till June 30, 2021.

Former LCCI Senior Vice President Mehar Kashif Younis also appreciated the government for making serious efforts for country's development and uplifting the poor segment of society. He, however, added that a lot had yet to done on economic and social fronts to remove system weaknesses for provision of even better services to the people.