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Business Recorder
a day ago
- Business
- Business Recorder
Businessman says community optimistic about budget prospects
KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said that the business community has high expectations from the new budget. He said that amid an ongoing economic crisis, high inflation, and widespread unemployment, the public is looking to the government for a budget that offers meaningful relief, enabling the industrial and trade sectors to move toward stability, ease of doing business, and growth. He said that the private sector seeks a budget that promotes investment, lowers production costs, broadens the tax base, boosts exports, eliminates the trade deficit, and helps the economy function at full strength. At the same time, an increase in the defence budget is essential. Concrete measures must also be introduced to promote austerity, control unnecessary spending, and curb corruption. Mian Zahid Hussain said the Pakistani economy has been under pressure for several years. While measures taken under IMF conditions helped Pakistan avoid default, they also burdened the population with unemployment and inflation. Given these circumstances, the new budget must combine public relief with structural economic reforms. He added that unnecessary subsidies should be eliminated, tax exemptions must be reviewed, government expenditures must be curtailed, and failing state-owned enterprises should be privatized. Mian Zahid Hussain emphasized that agriculture, IT, exports, and the SME sector must be prioritized for support so that they can generate jobs and strengthen the economy. Operationalizing special economic zones, ensuring uninterrupted and affordable energy supply, and improving infrastructure should also be priorities. He further stated that the budget should not be viewed merely as a tool for increasing revenue but rather as a means of promoting public welfare, industrial progress, and poverty reduction. Without a sustainable economic vision and a clear roadmap, temporary steps will yield no long-term benefits. He emphasized that the people of Pakistan have already made many sacrifices, and the time has come to offer them relief. If the government presents a well-directed and thoughtful budget, it will not only contribute to economic stability but will also help restore public confidence and bring political stability. Mian Zahid Hussain underscored the need for national consensus, wisdom, and foresight to steer the economy forward. All this is possible through a balanced, comprehensive, and people-friendly budget. He concluded by saying that if economic policies are continued without disruption, an investor-friendly environment is created, undue pressure on industrialists is alleviated, and the tax system is simplified and made fair, both domestic and foreign investment will increase. Taxpayers should be respected, and non-filers should be encouraged to bring themselves into the legal framework. Copyright Business Recorder, 2025
Business Recorder
26-05-2025
- Business
- Business Recorder
Businessman says Pakistan's weak economy impediment to social welfare steps
KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain said that sustainable development requires strengthening both defence and the economy, as a weak economy is the biggest obstacle to national sovereignty, stability, and public welfare. He said that the current economic growth rate is inadequate to meet the country's defence and public welfare needs. He stressed that an increase in Pakistan's defence budget has become inevitable in the face of a cunning adversary like India, which spends ten times more on defence. Mian Zahid Hussain highlighted the need to expand Pakistan's economy to USD 1 trillion annually, as declared by Prime Minister Shahbaz Sharif. This is in contrast to the current economic size of only $411 billion in the ongoing fiscal year. He said that industrial development is essential to provide public relief and create jobs. However, the economic growth rate is expected to fall short of the target, likely ending at just 2.6%, which is alarming for a country where 70% of the population comprises youth. He noted that such low growth makes it impossible to generate sufficient employment opportunities, which will only worsen unemployment, poverty, and inflation. Mian Zahid Hussain urged the government to take immediate and comprehensive measures to stabilize the economy and ensure consistent increase in the growth rate. He identified poor performance in the agriculture and industrial sectors as major contributors to economic stagnation. Furthermore, he warned that Pakistan's high interest rates are obstructing industrial productivity. Lowering energy costs and reducing interest rates are critical to decreasing production expenses and restoring investor confidence. He stressed the importance of adopting fresh, practical economic policies instead of repeating outdated and failed strategies. These new policies should focus on increasing both the overall size of the economy and the growth rate. He warned that if the economic trajectory is not corrected, the country's sovereignty could be at risk. He advocated facilitating the private sector to stimulate investment, increasing exports, substituting imports, and reducing the trade deficit. He called for redirecting all national resources, policies, and energies toward export promotion. Furthermore, he emphasized the urgency of curbing the wastage of national resources and strengthening the productive sectors. A simplified, fair, and transparent tax system, backed by complete digitalization of all transactions, is vital to restoring economic confidence. Lastly, he underlined the importance of equipping the youth with skills to ensure employment and economic participation. Copyright Business Recorder, 2025
Business Recorder
26-05-2025
- Business
- Business Recorder
Businessman says weak economy impediment to social welfare steps
KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain said that sustainable development requires strengthening both defence and the economy, as a weak economy is the biggest obstacle to national sovereignty, stability, and public welfare. He said that the current economic growth rate is inadequate to meet the country's defence and public welfare needs. He stressed that an increase in Pakistan's defence budget has become inevitable in the face of a cunning adversary like India, which spends ten times more on defence. Mian Zahid Hussain highlighted the need to expand Pakistan's economy to USD 1 trillion annually, as declared by Prime Minister Shahbaz Sharif. This is in contrast to the current economic size of only $411 billion in the ongoing fiscal year. He said that industrial development is essential to provide public relief and create jobs. However, the economic growth rate is expected to fall short of the target, likely ending at just 2.6%, which is alarming for a country where 70% of the population comprises youth. He noted that such low growth makes it impossible to generate sufficient employment opportunities, which will only worsen unemployment, poverty, and inflation. Mian Zahid Hussain urged the government to take immediate and comprehensive measures to stabilize the economy and ensure consistent increase in the growth rate. He identified poor performance in the agriculture and industrial sectors as major contributors to economic stagnation. Furthermore, he warned that Pakistan's high interest rates are obstructing industrial productivity. Lowering energy costs and reducing interest rates are critical to decreasing production expenses and restoring investor confidence. He stressed the importance of adopting fresh, practical economic policies instead of repeating outdated and failed strategies. These new policies should focus on increasing both the overall size of the economy and the growth rate. He warned that if the economic trajectory is not corrected, the country's sovereignty could be at risk. He advocated facilitating the private sector to stimulate investment, increasing exports, substituting imports, and reducing the trade deficit. He called for redirecting all national resources, policies, and energies toward export promotion. Furthermore, he emphasized the urgency of curbing the wastage of national resources and strengthening the productive sectors. A simplified, fair, and transparent tax system, backed by complete digitalization of all transactions, is vital to restoring economic confidence. Lastly, he underlined the importance of equipping the youth with skills to ensure employment and economic participation. Copyright Business Recorder, 2025
Business Recorder
23-05-2025
- Politics
- Business Recorder
COAS's promotion, Air Chief's job extension hailed
KARACHI: The Chairman of the National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain Thursday said the government decision to promote General Syed Asim Munir to the rank of Field Marshal and to extend the tenure of Air Chief Marshal Zaheer Babar Sidhu are highly commendable moves. He said it serves as a great gift from the people of Pakistan to their victorious armed forces and will significantly boost the military's morale. Mian Zahid said this decision sends a clear message to both friends and foes that Pakistan is a proud and responsible nation that values and honours its heroes. He said a defeated India is desperately trying to cover its shame, but just like its military adventures, its diplomatic efforts are also bound to fail. He added that, under Bilawal Bhutto Zardari's leadership, Pakistan's diplomatic mission will also challenge India firmly on the global stage. Mian Zahid said the Pakistani nation is fully united, and the armed forces are vigilant and ready to deliver a crushing response to any Indian aggression. He added that Pakistan only targeted Indian military installations during the war, while India shamelessly attacked civilians, including women, children, and mosques, reflecting its narrow-mindedness. India is now sending parliamentary delegations abroad to promote false narratives about its so-called "Sindur Operation" and fabricated false flag operations. In response, Prime Minister Shehbaz Sharif has decided to intensify diplomatic efforts and expose India's malicious intentions to the world, which will further isolate India on the diplomatic front, he said. After India's aggression under the cover of the Pahalgam false flag operation, the U.S. President's offer to mediate on the Kashmir issue has drawn the world's attention to the genuine core dispute. The British Parliament also held a debate on the Kashmir issue, during which India's atrocities were strongly condemned, and full support was expressed for the fundamental human rights of the Kashmiri people. Mian Zahid said during the brief war, the issues of Kashmir, terrorism, and water came into sharp focus. Indian Prime Minister Modi's announcement to suspend the Indus Waters Treaty signals India's intention to block the flow of the Indus River into Pakistan. It is a hazardous yet cowardly act that will lead to a severe conflict. The Government of Pakistan has already warned that if India attempts to block water, the consequences will be felt for generations. He further noted that the military spokesperson has made it clear that India is not the United States, and Pakistan is neither Gaza nor Palestine. By the grace of God, Pakistan has never bowed down and never will; instead, it will respond to any attack with greater force. Mian Zahid emphasised that Pakistan desires peace but remains entirely prepared for defence. He said that any country that keeps getting beaten by a relatively minor nation like Pakistan and dreams of being used as a pawn against a superpower like China is living in a fool's paradise. India must abandon its delusion of becoming the regional policeman and learn to stay within its limits. If India does not change its behaviour, it will once again face consequences similar to the humiliation it suffered in the Abhinandan episode. India's dream of forcing Pakistan to bow will only lead to its ruin and disintegration, he warned. Copyright Business Recorder, 2025
Business Recorder
21-05-2025
- Business
- Business Recorder
Tax system termed barrier to economic growth
KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, Mian Zahid Hussain, said on Tuesday that Pakistan's current tax system stands as a formidable barrier to the economic growth, stifling innovation and entrepreneurship. He said that taxation complexities and inefficiencies create a challenging environment for businesses, diminishing their potential to thrive and expand. Mian Zahid Hussain said that the flawed system hinders the vibrant spirit of economic progress, leaving many opportunities untapped in a country rich with potential. He said that the system is rooted in injustice and inequality and continues to fuel fiscal deficits, rising debt, and balance-of-payment crises. He said the government is under pressure from the IMF to reduce the budget deficit and achieve a primary surplus under the $7 billion loan programme. However, he warned that the burden may again fall disproportionately on salaried individuals and the corporate sector; a fact that cannot be ignored and should be a cause for concern for all of us. The tax target for the current fiscal year was initially set at PKR 12.9 trillion; later, it was revised downward to PKR 12.3 trillion, with a projected shortfall of up to PKR 1 trillion. He said additional taxation seems inevitable to bridge this gap. The upcoming fiscal year's tax target is expected to be PKR 14.3 trillion. The IMF is pressing for more revenue in the new budget. Still, he said it remains unclear whether the government will continue taxing compliant sectors or finally act against powerful groups that have long remained outside the tax net, referring to industries such as retail, real estate, and agriculture. Mian Zahid Hussain emphasised that if the government truly intends to relieve the public and the salaried class, it must eliminate unnecessary tax exemptions and take action against tax evaders. He also stressed the need to address losses from state-owned enterprises, power, and gas sectors, which are straining public finances. He acknowledged that certain industrial and trade groups strongly resist current tax reform plans. However, he urged the government to engage these stakeholders through meaningful dialogue and integrate them into the tax system. He further advocated completely digitalising all business transactions to curb tax evasion and improve compliance. This move requires the active participation of all stakeholders. The business leader said it is time to stop repeatedly targeting the salaried class. Instead, the government must go after those who earn billions but contribute nothing to national development. Mian Zahid observed that a fair and uniform tax policy is essential for justice and economic stability. He said that only a non-discriminatory taxation system where every citizen contributes according to their income can ensure sustainable development in Pakistan. Copyright Business Recorder, 2025
