Karachi’s business community and industrialists have emphasised that addressing issues such as high energy tariffs and elevated interest rates in the upcoming fiscal year’s budget is essential for improving the country’s economic outlook.
They urged the government and the International Monetary Fund (IMF) to avoid decisions that could adversely affect the national economy.
It is worth noting that Pakistan’s industrial sector, a key pillar of the economy, has been facing significant challenges for an extended period. As a result, stakeholders within the sector are placing considerable expectations on the forthcoming budget.
Industrialists have stated that there is a pressing need for innovative budgetary measures. They stressed that reducing energy tariffs and interest rates, while promoting local industry, is critical to strengthening the economy.
They also called for practical initiatives to encourage industrial activity and trade.
Representatives of the business community highlighted the need to curb inflation, introduce incentives for small businesses, restore law and order, stimulate economic growth and implement effective measures to address the ongoing electricity crisis.
They further recommended expanding the tax net to include all forms of income, while reducing tax rates and offering incentives to compliant taxpayers. The business community also urged the government to foster an environment of trust rather than one in which taxpayers feel intimidated or harassed.
