Government to introduce bankruptcy law
Listen to article
Special Assistant to the Prime Minister for Industries and Production, Haroon Akhtar Khan, has said the government is introducing a bankruptcy law to facilitate businesses, adding that reviving sick industrial units is a top priority.
Speaking at a meeting at the Lahore Chamber of Commerce and Industry (LCCI), Khan stated that take action against the business community without consulting the Chambers of Commerce, as restoring business confidence is crucial for economic growth. He stressed that the business community must be given the freedom to contribute to national development through industrialisation and investment. LCCI President Mian Abuzar Shad, Vice President Shahid Nazir Chaudhry, former President Muhammad Ali Mian, and former Senior Vice President Ali Hassam Asghar also addressed the gathering, with executive committee members present.
He pointed out excessive bureaucratic hurdles, noting that 29 departments are involved in regulatory processes, making it difficult for industries to operate efficiently. He highlighted that both Prime Minister Shehbaz Sharif and Deputy Prime Minister Muhammad Ishaq Dar had previously served as LCCI Presidents, strengthening the government's ties with the business community.
Recalling past economic successes, Khan said that during Nawaz Sharif's tenure as prime minister in 1993, Indian Prime Minister Manmohan Singh had praised Pakistan's economic reforms. He stressed the need for similar policies and stressed policy continuity, citing China's sustained development through consistent economic strategies.
He noted that the markup rate had declined from 22% to 12% and that the stock market was reaching new highs. However, he stressed the need for greater focus on GDP growth and industrialisation. While acknowledging Pakistan's continued engagement with the IMF, he praised the prime minister's success in reducing power rates and expressed optimism that the markup rate would decrease further.
He further stated that investors seek safe havens and that PM Sharif is keen to encourage local investors while attracting foreign investments. He proposed an incentive scheme for overseas Pakistanis to repatriate their declared assets worth approximately $30 billion.
The LCCI president described recent meetings with the PM as highly productive. He raised concerns about rising business costs due to increasing gas, electricity, and petrol prices. He stressed the need to bring the policy rate into the single-digit range and pointed out that industrial estate land prices, reaching Rs500 million per acre, were hindering expansion.
He proposed complete vehicle assembly in Pakistan and local raw material industry development with minimal duties. He called for establishing Export Promotion Sectoral Councils, new Special Economic Zones (SEZs), and a 20-year Industrial Master Plan.
LCCI Vice President Shahid Nazir Chaudhry urged the regularisation of industrial clusters and infrastructure development in Quaid-e-Azam Business Park. Former President Muhammad Ali Mian emphasised incorporating LCCI budget proposals into the federal budget, while former Senior Vice President Ali Hassam Asghar highlighted the rice sector's export potential.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
3 hours ago
- Business Recorder
Restive Indian state orders curfew after fresh violence
IMPHAL, INDIA: An Indian state riven by ethnic tensions imposed an internet shutdown and curfew after protesters clashed with security forces over the arrest of some members of a radical group, police said Sunday. Manipur in India's northeast has been rocked by periodic clashes for more than two years between the predominantly Hindu Meitei majority and the mainly Christian Kuki community that have killed more than 250 people. The latest violence was triggered Saturday after reports of the arrest of five members, including a commander, of Arambai Tenggol, a radical Meitei group. Incensed mobs demanding their release stormed a police post, set fire to a bus and blocked roads in parts of the state capital Imphal. Manipur police announced a curfew in five districts, including Imphal West and Bishnupur, due to the 'developing law and order situation'. 'Prohibitory orders have been issued by District Magistrates. Citizens are requested to cooperate with the orders,' the police said in a statement. Militia fighters surrender looted weapons in restive Indian state Arambai Tenggol, which is alleged to have orchestrated the violence against the Kuki community, has also announced a 10-day shutdown in the valley districts. The state's home ministry has ordered all internet and mobile data services in volatile districts to be shut off for five days in order to bring the latest unrest under control. Internet services were shut down for months in Manipur during the initial outbreak of violence in 2023, which displaced around 60,000 people from their homes according to government figures. Thousands of the state's residents are still unable to return home owing to ongoing tensions. Long-standing tensions between the Meitei and Kuki communities revolve around competition for land and public jobs. Rights activists have accused local leaders of exacerbating ethnic divisions for political gain.
Express Tribune
a day ago
- Express Tribune
'PTI's protest movement is ineffective' says Rana Sanaullah
Listen to article Special Assistant to the Prime Minister on Public and Political Affairs Rana Sanaullah has said that Pakistan Tehreek-e-Insaf's protest call won't bear fruit as the party is not in a position to lead any such movement at the moment. Speaking to the media after offering Eid al-Adha prayers in Faislabad, the SAPM said Pakistan is now on the path to economic stability and development, but overcoming existing challenges requires national unity, political consensus, and alignment on an economic agenda, which he called the most urgent need of the time. He said Pakistan is transitioning from economic decline toward economic stability — a dream of the country's founding fathers. He added that thanks to national unity and courageous decisions by the political leadership, Pakistan is once again on a path of development. He revealed that India made an unjustified and arrogant attempt to attack Pakistan last month, but armed forces, with the backing of the people, delivered a strong response and shattered the enemy's arrogance. He said that the ongoing military operation, 'Bunyan-un-Marsoos', being carried out in the name of justice, has achieved historic success, and Pakistan has emerged before the world as a strong nuclear power. Read: FO slams Modi's 'unfounded' allegations on Pahalgam attack He extended congratulations to Field Marshal General Asim Munir and every soldier involved, saying they all deserve recognition for this success. Sanaullah said that under the leadership of PM Shehbaz Sharif, Pakistan has stepped onto the path of economic growth. He once again called on PTI and all political parties to come together for the country's betterment and agree on the Charter of Economy, just as the entire nation had shown unity and consensus between May 6 and May 10. He stressed that politics can wait — what's most important is fixing the economy, especially since 240 million Pakistanis are struggling with inflation and economic pressures. He appealed to opposition leaders to accept the Prime Minister's invitation and agree on the formation of a neutral Election Commission so that the next general elections are free and fair, leaving no room for objection. The adviser said that Pakistan has earned respect and recognition at the global level — countries that once distanced themselves are now compelled to listen. He warned that if political leaders continue to prioritise personal or group interests, it will go against national interest. He urged the public to put pressure on political parties to put the nation first. Commenting on PTI's protest movement, Rana Sanaullah said the movement is ineffective because the party lacks both preparation and public support. He further criticised Imran Khan, saying that if the former Prime Minister ties his release to the country's economic progress, it would be an injustice to the nation. Speaking on India's intentions, he responded to a question saying that the Modi government is following the RSS's extremist agenda and is hostile toward both Pakistan and Muslims. Read more: Pakistan launches diplomatic offensive against India He assured that India would not dare attack again, although efforts to destabilise Pakistan through terrorism would likely continue. He added that while the military has fulfilled its duties, it is now the responsibility of the political leadership to unite for national development. He claimed that the Pakistan Muslim League-Nawaz (PML-N) is taking the upcoming local government elections seriously and will participate actively under the new Local Government Act. He confirmed that these elections will be held on a party basis. Sanaullah also said that the Punjab government is working on welfare schemes such as the Kisan Card, Mazdoor Card, and Mazoor Card to improve the quality of life for ordinary citizens. He concluded by noting that major national projects, including Pakistan's nuclear tests, were completed during PML-N's tenure, and that Chief Minister Maryam Nawaz is now stepping forward with a new vision of public service.
Business Recorder
a day ago
- Business Recorder
COAS celebrates Eid with troops at LoC, reaffirms unwavering support for Kashmir cause
Chief of Army Staff (COAS), Field Marshal Syed Asim Munir, NI (M), visited forward positions along the Line of Control (LoC) on Saturday to celebrate Eid-ul-Adha with frontline troops, the military's media wing said. According to the Inter-Services Public Relations (ISPR), the visit began with Eid prayers, where special prayers were offered for the country's peace, stability, and prosperity, as well as for the martyrs who laid down their lives in defence of the motherland. Extending Eid greetings to officers and soldiers, the COAS lauded their unwavering commitment, professional excellence, and dedication despite persistent challenges. He stated that celebrating Eid at the frontlines, away from families, reflects the higher national purpose of safeguarding the country. The Army Chief praised the formation's performance during Marqa-e-Haq and Operation Bunyaanum Marsoos, paying tribute to the martyrs and Ghazis. 'You have befittingly avenged the loss of innocent Pakistani lives, including children, women, and the elderly, through your bold and effective response,' he said. While interacting with the troops, COAS Munir appreciated their high morale, operational preparedness, and vigilance in countering ceasefire violations by Indian forces. He reiterated full confidence in the armed forces' ability to deter and defeat any aggression. Reaffirming Pakistan's principled position on the Kashmir dispute, the COAS said the just and valiant struggle of the Kashmiri people against Indian occupation would not be forgotten. He stressed the importance of resolving the Jammu and Kashmir issue in line with the aspirations of the Kashmiri people and relevant United Nations Security Council resolutions. The Army Chief was received by the Commander of Rawalpindi Corps upon his arrival at the LoC.
