Businessmen believe the “business- and industry-friendly” budget should spur investments in the manufacturing sector and boost exports.
Mian Mohammad Mansha, the chairman of MCB Bank and Nishat Group, was encouraged to see the government cut subsidies and do away with certain tax exemptions.
However, he wanted the government to take more measures to resolve energy sector issues and privatise public sector companies, especially power distribution and generation firms. “It is impossible to revive the public sector businesses without giving them in private hands.”
Mr Mansha, who described boost in investment as the biggest challenge facing the economy, urged the government to open trade with India and enhance economic cooperation with other countries in the region for long-term economic growth and stability.
“The country would adjust to new market realities once borders are opened,” a statement by his office said.
Punjab’s All Pakistan Textile Mills Association (Aptma) chairman S.M. Tanveer described the budget as pro-textile. He said, “the measures like reduction in the cost of credit, fiscal incentives for the value-added textile sector, duty-free import of machinery for the next two years, cut in export refinance rate, etc announced in the budget would make industry more competitive.”
