LCCI Terms Federal Budget As Balanced

Lahore Chamber of Commerce & Industry (LCCI) here Friday termed the federal budget for financial year 2021-22 as balanced, saying that most of the LCCI proposals have been incorporated into the budget document

LAHORE, (UrduPoint / Pakistan Point News - 11th Jun, 2021 ) :Lahore Chamber of Commerce & Industry (LCCI) here Friday termed the Federal budget for financial year 2021-22 as balanced, saying that most of the LCCI proposals have been incorporated into the budget document.

While addressing a press conference after federal budget speech 2021-22, the LCCI President Mian Tariq Misbah, flanked by the Senior Vice President Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry, said that reduction in regulatory duties on raw materials would bring down the cost of doing business.

Former office-bearers and LCCI Executive Committee members were also present.

The LCCI office-bearers said that reduction in regulatory duty would boost competitiveness of the industrial sector. They said that Pakistani merchandise was facing problems in the international market due to high cost but now situation would be better.

They said that on demand of the Lahore Chamber of Commerce & Industry, custom duty and additional custom on raw materials of pharmaceutical industry had been reduced, which would surely help bring down the prices of medicines. "The package is good for the farmers," they said, adding that if their problems were solved, the agriculture sector would develop, crop production would increase and the country would become self-sufficient.

They said that 70 per cent population was attached with the agriculture sector.

The LCCI office-bearers said that development fund had been increased by 40 per cent as compared to the previous financial year that was a good sign. This would boost economic activities in the country. "Development Fund is considered as the engine of growth in the developing countries like Pakistan," they said.

They said that relief to the construction and housing sector would not only benefit and promote construction activities in the country but also benefit the allied industries. They said that exemption to the machinery for setting up plants in the Special Technology Zones was a good step because this would help development of engineering and IT sectors.

They said that Rs. 118 billion had been allocated for refunds to the exporters which would solve their financial problems. They said that increase in minimum wages to Rs. 20,000 would give relief to the lower class.

"Self Assessment Scheme is commendable," they said and also welcomed reduction in tax on vehicles.

They said that a special scheme should be introduced for the traders as they had beared heavy loss due to coronavirus.