ISLAMABAD — Trade bodies and business community across the country yesterday hailed the government for introducing pro-trade and business initiatives in its Federal Budget 2018-19 and said the measures introduced would help to set a proper direction to the national economy.
They said it was a unique precedent in the national history that an elected government had presented its 6th budget and introduced corrective measures for the revival of trade and industrial sector of the country.
Commenting on the Federal Budget, Senior Vice-President of Federation of Pakistan Chambers of Commerce and Industry Mazhar Ali said it was the best budget of the current government as compared to its last five budgets.
The government had introduced some industry-specific measures, which would help to address the challenges and problems being faced by the local sector and would increase the export potential and help achieve the growth targets, he added.
He said many incentives were introduced for the development and promotion of local poultry, dairy, pharmaceutical and fisheries sectors and would generate business activities and bridge the gap in targets fixed for current fiscal year.
The FPCCI vice-president further said the government had also suggested incentives for the manufacturing sector and provided tax relaxation for the corporate sector and association of persons, adding that it had also proposed positive steps for the social sector development.
Meanwhile, President of Islamabad Chamber of Commerce and industry Amir Waheed Shaikh termed the budget pro-poor and growth-oriented, adding that government had reduced duties and regulatory duty on import of raw materials.
He said the government had set industrial growth target for fiscal year 2018-19 at 6.7 per cent. To realise the targets, he called for providing a conducive environment to the local industrial sector and bringing down the cost of doing business.
