Business Leader Acknowledges Importance Of Fiscal Adjustments

Senior business leader Mian Anjum Nisar acknowledging that fiscal adjustments were necessary to put the national economy back on the rails, Wednesday stressed the need to encourage the manufacturing sector, which held the capability to contribute at least 30% to the national gross domestic product

KARACHI, (UrduPoint / Pakistan Point News - 26th Jun, 2019 ) :Senior business leader Mian Anjum Nisar acknowledging that fiscal adjustments were necessary to put the national economy back on the rails, Wednesday stressed the need to encourage the manufacturing sector, which held the capability to contribute at least 30% to the national gross domestic product.

Mian Nisar, in a statement here, said measures focused on long-term recovery would be required to overcome the financial challenges faced by the country.

"We support the prime minister's asset declaration scheme and do agree that documentation of economy is vital for the country's progress and tax evaders must be brought under due course of law," Mian Anjum Nisar, who is also the Chairman of Businessmen Panel (BMP) of Federation of Pakistan Chambers of Commerce and Industry, said.

He said businessmen also did hope that the Pakistan Tehreek-e-Insaf (PTI) government would address their genuine grievances.

The senior business leader was of the opinion that concerted efforts at every level were required to get materialized the concept of "Made in Pakistan" and help promote local industry leading towards value elevation of Pakistani rupee.

The BMP leader said dwindling investment in the manufacturing sector during the past one decade had emerged to be major cause of the country's existent economic woes.

Substantiating his claims, he said the share of manufacturing sector in the country's GDP had dropped to 12.1% in 2018 as against 14.8% in 2008, indicating a decline in industrialization and a loss of jobs.

"The cost structure of the industry remains one of the major causes having eroded our international competitiveness, discouraged investment in manufacturing and decreased exports," he elaborated.

The BMP chairman said the government should take on board the representatives of trade and industry as they being a major stakeholder and pillar of economic structure could always be a major supporter to the cause of national progress and economic stability.