Daily Times

President Islamabad Chamber of Commerce and Industry (ICCI) Ahsan Zafar Bakhtawari Saturday appreciated the federal government for presenting a balanced, business-friendly budget amid tough economic conditions. Increasing incentives for sectors like IT, agriculture, solar energy, and construction is a positive step that helps achieve sustainable economic growth in the country, said Bakhtawari while addressing a press conference here. The ICCI President extended his felicitations to the Prime Minister, Finance Minister and the entire government for giving priority to the poor segments in the budget 2023-24. “Relief was also poured into the traders, the steps taken for the energy sector are welcome, it is hoped that on the basis of this budget, next financial year will open more balanced and development paths for Pakistan,” he remarked.

Bakhtawari urged the government to focus on political stability for economic development as unpredictable conditions are not good for business.

He said that the government has made several important announcements for economic recovery in the budget. The decision to increase the salaries of government employees is welcome, he said adding that the policy regarding bringing dollars to Pakistan from abroad is also encouraging. Appreciating the incentives given to agriculture, he said that last year was the most difficult year for the economy as floods caused losses to the tune of $30 and on the other hand the country suffered a lot due to political instability. He said that the business community of the entire country, including the Islamabad Chamber, demands a Charter of Economy.

If there is no continuity in the policies, even the best policy cannot be beneficial, he said adding that the government has taken historic steps to reduce the trade deficit, which has reduced the trade deficit from $17 billion to $4 billion. The IT sector has been neglected in the past, but the initiatives announced by the government for entrepreneurship in this sector will bear fruit in the coming years, he said adding that energy is a serious problem in Pakistan, and we need to focus on other sources instead of generating expensive electricity.

The government has announced tax exemption and duty on solar panels and their raw materials, which will be welcomed. He underscored the need to come up with a workable policy to switch all government buildings to solar immediately, he said adding that the coming year is the year of development, no tax has been imposed on all industries, and we as businessmen value this budget.

Speaking on this occasion, Vice President Chamber Engineer Azhar Salam said that the announcement of incentives for the service sector in the budget is remarkable, the government needs to invest more in the youth. The government should announce sustainable measures for a permanent solution to the problem of LCs, he added.

President All Pakistan Anjuman Tajran Ajmal Baloch said that many concessions have been given in the budget and expected more business-friendly initiatives.