Latest news with #Rs4.1
Express Tribune
3 days ago
- Business
- Express Tribune
Govt approves Rs1tr uplift budget
The government on Monday approved a Rs1 trillion federal development budget and set the economic growth target at 4.2% for the next fiscal year, as Planning Minister Ahsan Iqbal said that the development budget cuts could compromise economic growth and delay strategic projects. The Annual Plan Coordination Committee (APCC) approved a record Rs4.1 trillion national development outlay, primarily backed by a Rs2.8 trillion financing envelope from the four provinces. Despite limited resources, the Sindh government secured Rs86 billion from the federal Public Sector Development Programme (PSDP), leveraging its alliance with the ruling coalition. "The Pakistan Peoples Party took advantage of being an ally of the government that is dependent on its vote for the budget," said a cabinet minister. Planning Minister Ahsan Iqbal, speaking after chairing the APCC meeting, said the Rs1 trillion PSDP includes Rs120 billion earmarked for the N-25 Quetta-Chaman-Karachi expressway. He confirmed that the committee had also approved a 4.2% growth target and a 7.5% inflation target for the fiscal year 2025-26. These recommendations will now be submitted to the National Economic Council for final approval, said Iqbal. He identified top-priority projects for the upcoming year, including the Diamer Basha Dam, the Karakoram Highway, the Hyderabad-Sukkur Motorway, and the N-25 Expressway from Karachi to Quetta. However, he expressed concern that the remaining Rs880 billionafter accounting for the expresswaywould be inadequate, potentially compromising future economic growth. He added that enhancing the development budget would be impossible without a significant increase in tax revenues. "The water sector is our priority but due to limited resources and with current allocation, it will take 20 years to complete the Diamer Basha dam project," said Iqbal. He maintained, however, that the government would strive to allocate maximum resources to ensure its completion within the next three to four years. Ironically, despite increasing threats from India over water security, the federal water sector allocation has been slashed by 45%or Rs119 billionbringing it down to Rs140 billion for FY2025-26. The planning minister reiterated that the commodity-producing sectors are expected to grow by 4.4%, led by a 4.5% recovery in agriculture and 3.5% growth in large-scale manufacturing. Exports are projected at $35 billion, while foreign remittances are expected to exceed $39 billion. "I am thankful to overseas Pakistanis who, despite calls to the contrary, sent $10 billion in additional remittances over the past two years," he added. The Rs1 trillion federal PSDP was finalised by a committee formed by Prime Minister Shehbaz Sharif. According to the APCC working paper, this year's development outlay is Rs300 billionor 8%higher than the previous year's budget. The four provincial governments are set to increase development spending by 28% from their own resources – enabled by substantial revenues under the 2010 National Finance Commission (NFC) award. Despite the record outlay, the Rs1 trillion federal PSDP is actually Rs400 billion lower than the originally approved budget for the current fiscal year. To fund this, the federal government plans to borrow Rs270 billion externally. The four governments plan to spend Rs2.8 trillion, higher by Rs609 billion or 28% over this year's original budget. Provincial governments will borrow Rs802 billion, while state-owned companies will spend another Rs288 billion outside the federal budget. Punjab leads provincial spending with a proposed Rs1.19 trillion allocation41% higher than last year. Khyber-Pakhtunkhwa (K-P) follows with Rs440 billion, reflecting a 63% increase. Sindh will spend Rs887 billion, up 7%, and Balochistan plans to spend Rs280 billion, marking an increase of Rs32 billion. KP's Finance Advisor, Muzzammil Aslam, criticised the federal government for allocating disproportionately less funding to his province compared to Sindh. "Only Rs3 billion were allocated to K-P, while Sindh received Rs47 billion. Punjab got Rs15 billion," he said. In response, Iqbal clarified that Rs70 billion has been allocated for K-P's merged districts and that the federal government is cutting back on spending for projects that fall under provincial jurisdiction. The APCC decided not to include any new provincial-nature projects in the PSDP due to fiscal limitations and imposed a moratorium on the approval of projects costing up to Rs1 billion until the International Monetary Fund (IMF) programme concludes. Despite these constraints, 30-40% of PSDP funds are still being directed to provincial-nature projects, which the planning ministry said has significantly hampered progress on large-scale national initiatives. In contrast, funding for the National Highway Authority (NHA) has increased by Rs49 billion, or 27%, to Rs229 billion. However, to accommodate the political priorities of coalition partners, the government has proposed sharp reductions in water and power sector budgets. The power sector's funding is down 41%or Rs72 billionto Rs104 billion. The federal education ministry's budget is reduced by 27% to Rs20 billion, while the Higher Education Commission will face a 32% cut, reducing its budget to Rs45 billion. Still, the government has retained Rs50 billion for parliamentarians' schemes under the Sustainable Development Goals Achievement Programme. Currently, 1,071 development projects with a total cost of Rs13.4 trillion are under implementation. These projects require an additional Rs10.2 trillion to be completed, and the planning ministry estimates it would take more than a decade to finish them all. Iqbal stated that the ministry has identified 183 slow-moving or problematic projectsmostly under the DDWPthat should be capped or closed by June 2025. "By capping or closing these projects, around Rs1 trillion could be saved, freeing up Rs100 billion immediately for fast-moving projects," he said.
Express Tribune
4 days ago
- Business
- Express Tribune
Development budget likely to top Rs4tr
Listen to article The government is set to approve a record Rs4.1 trillion national development budget for the Centre and provinces amid scarcity of resources that has compelled it to ban small-scale projects and not to include federally-funded province-specific new schemes for next year. Despite the threat of blocking water by India, the government has proposed to reduce the water sector allocation by 45% or Rs119 billion to just Rs140 billion for the fiscal year 2025-26 against the originally approved budget. Yet, the proposed federal Public Sector Development Programme (PSDP) reflects the coalition government's political priorities, with hefty allocations for road infrastructure, while funding for education, health, and water has been significantly slashed for the fiscal year 2025-26. The Annual Plan Coordination Committee (APCC) will today (Monday) approve the national development budget outlays for the federal government, four provincial governments and the special areas of Pakistan. Planning Minister Ahsan Iqbal will chair the meeting, which will also recommend 4.2% economic growth and 7.5% inflation targets for the next fiscal year. The federal PSDP has been finalised by a committee constituted by Prime Minister Shehbaz Sharif aimed at accommodating the needs of the coalition partners. The APCC will approve a cumulative Rs4.1 trillion outlay for development, which will be Rs300 billion or 8% higher than this fiscal year's original budgets approved by the National and four provincial assemblies. There has been a reduction in the federal PSDP, but the four provincial governments will cumulatively spend 28% higher than this year's budget from their own resources. Provinces are rich, thanks to the ill-planned National Finance Commission award of 2010. The APCC will approve Rs1 trillion federal PSDP, down by Rs400 billion compared to this fiscal year's original budget approved in June last year. The federal government will borrow Rs270 billion from abroad to fund this Rs1 trillion spending. The four governments plan to spend Rs2.8 trillion, higher by Rs609 billion or 28% over this year's original budgets. The provincial governments will also borrow Rs802 billion from abroad to fund their projects. Another Rs288 billion will be spent by the government-owned companies outside the federal budget. Punjab is on a spending spree, as it plans to spend Rs1.19 trillion, which is higher by Rs346 billion or 41% over this fiscal year's budget. Khyber-Pakhtunkhwa will follow Punjab with Rs440 billion spending, also higher by 63%. Sindh government plans to spend Rs887 billion, higher by Rs60 billion or 7%. The Balochistan government is proposing Rs280 billion for development, which is higher by Rs32 billion over the originally approved budget. No fiscal space The federal and provincial governments are loosening their purses despite the country facing challenging economic conditions. The federal government, constrained by limited fiscal space, is once again allocating Rs1 trillion, even though it managed to spend only Rs600 billion during the first 11 months of the current fiscal year. The APCC will approve not to include any new provincial nature project in the PSDP due to fiscal constraints. It will also approve a moratorium on approval of up to Rs1 billion projects till completion of the IMF programme. However, an exception is also being proposed from the moratorium in case of "compelling conditions". Despite fiscal constraints, projects pertaining to devolved subjects and provincial in nature are still being financed under the federal PSDP. About 30-40% of PSDP goes to the provincial nature projects, which have seriously undermined the progress of mega and core projects of national significance, according to the planning ministry. The projects of national importance are delayed due to thin spread funding, and around 90% ongoing projects have been revised with cost increase and time overrun, it added. The APCC may also issue directions that the development funds should not be diverted to non-development purposes during the currency of the fiscal year. The APCC will review whether projects with high impact, focused on completion within 3-4 years, will be funded. The proposed PSDP gives priority to foreign-funded and core, and high-impact projects. However, a cursory look at the proposed PSDP suggests that despite tough economic conditions, the government has given importance to politically nature projects by increasing allocations for the National Highway Authority and the provincial nature projects. The allocation for the provincial projects has been proposed to be increased from Rs19 billion to Rs93.4 billion. Likewise, the NHA budget has been proposed to be increased to a whopping Rs229 billion, up by Rs49 billion or 27%. To make room for higher spending on political priorities of the coalition partners, the government has proposed to drastically reduce the funding of the water and power sector projects. The power sector budget is proposed to be reduced by Rs72 billion or 41% to Rs104 billion. The water sector allocation is proposed to be cut by Rs119 billion to just Rs140 billion. Diamer Basha dam project will get Rs35 billion in the next fiscal year compared to Rs40 billion this year, according to the sources. The federal ministry of education's budget has been proposed to be cut by 27% to Rs20 billion, while the Higher Education Commission's budget is proposed to be reduced by Rs21 billion or 32% to Rs45 billion. Despite challenges, the government has also retained a Rs50 billion allocation for the parliamentarians' schemes under the umbrella of the Sustainable Development Goals Achievement Programme. Around 1,071 development projects with a cumulative cost of Rs13.4 trillion are currently under implementation. They need another Rs10.2 trillion for completion, which the Planning Ministry states would take more than 10 years to complete. Compared to the original Rs1.4 trillion approved federal PSDP in the budget, the actual spending as of the end of May remained at Rs596 billion, which is hardly 43% of the parliament's approved budget. The government admits that Pakistan, withan IMF programme, undergoes some limitations and thus the challenge ahead is to leverage the limited resources in a way to achieve maximum returns from each project to satisfy goals and objectives outlined in the national economic transformation plan, the 5Es-based five-year plan and the "Uraan Pakistan Programme" while overcoming challenges. There are also implementation issues, and during recent reviews, the planning ministry had identified 183 projects, mostly at the DDWP level, as problematic and slow-moving. It has been recommended to cap or close all these projects by June 2025. By capping or closing such projects, around Rs1 trillion could be saved and fiscal space could be created for fast-moving ongoing projects as well as new high-impact priority projects, according to a proposal to the APCC.
Express Tribune
28-04-2025
- Business
- Express Tribune
Salaried class pays 56% in taxes
'We are considering alternate options to reduce the burden of the salaried class without compromising progressivity in taxation,' said Dr Najeeb Memon, the spokesman of the FBR. PHOTO: REUTERS The struggling salaried class has paid a record Rs391 billion in income tax during nine months of this fiscal year, a highly discriminatory taxation where 10% of the total income tax collected from across Pakistan is now paid by salaried individuals. Compared to Rs10 that the salaried class paid in taxes during July-March period out of every Rs100, the blue-eyed traders contributed merely 60 paisa. Income tax payments during the nine-month period of this fiscal year were Rs391 billion, Rs23 billion more than the total income tax the salaried class paid during the 12-month period of the previous fiscal year, according to provisional collection estimates compiled by the Federal Board of Revenue (FBR). During the July-March period, the FBR had collected Rs4.1 trillion in total income tax. The payments by salaried persons alone were nearly 10%, showing how the marginalised voiceless segment is overburdened by the government. Last year, this ratio was 7.5%. The government of Prime Minister Shehbaz Sharif had targeted an additional Rs75 billion in income tax from the salaried class for the full fiscal year 2024-25. However, the figure has already surpassed Rs140 billion, with three months still remaining in the fiscal year. Income tax from the salaried class in the last nine-months has increased by 56% compared to the previous fiscal year. Last year, the salaried class paid Rs368 billion in taxes. However, despite this backbreaking burden, where salaried individuals are taxed on their gross income without adjustments for expenditures, the government did not raise the issue of alleviating this burden during its recent talks with the International Monetary Fund (IMF). "We are considering alternate options to reduce the burden of the salaried class without compromising progressivity in taxation," said Dr Najeeb Memon, the spokesman of the FBR. The IMF team is arriving in Pakistan on May 14th to vet the next fiscal year's budget before it is presented in the National Assembly around June 4th, according to sources. The IMF team will stay till May 23rd. The sources said that higher collection of taxes from salaried individuals could become a reason for not significantly lowering tax rates in the next fiscal year, due to its substantial revenue implications. In contrast to Rs391 billion paid by the salaried persons, the retailers, mostly unregistered, contributed only Rs26 billion on account of withholding income tax on their purchases. The amount of tax that traders paid under section 236-H was 1,420% less than taxes paid by salaried persons. Compared to every Rs10 that the salaried class contributed in taxes, the retailers paid mere 60 paisa. Besides, wholesalers and distributors also paid Rs17.5 billion withholding tax in nine months and almost half of them were unregistered with the FBR, said the sources. PM Sharif could not live up to his promise of collecting due taxes from the retailers. The IMF may ask Pakistan to show credible alternate fiscal means to offset the impact of any reduction in taxes on the salaried class. In the budget, the government had imposed 2.5% withholding tax on traders, in the hope that this would force them to come into the tax system. Though the increase in the rate did help collect Rs13.3 billion more from the traders, but the intended objective could not be achieved. The traders passed on the cost of the additional tax to the end consumers. Last June, the government significantly increased the tax burden on salaried individuals by reducing the number of tax slabs, disproportionately affecting the middle and upper-middle-income groups. The highest tax rate of 35% is now applied to those earning Rs 443,000 monthly, with an additional 10% surcharge, bringing the total tax rate to 38.5% for the highest slab. The details showed that non-corporate sector employees paid Rs166 billion income tax this year, which is higher by Rs50 billion or 43%. Corporate sector employees paid Rs117 billion in income tax, also higher by Rs40 billion or 52%. Employees of the provincial governments paid Rs69 billion in taxes, which was up by Rs34 billion or 103%. Federal government employees paid Rs39 billion, higher by Rs15.5 billion or 65%. For the current fiscal year, the IMF had given Rs12.97 trillion tax target to the FBR, which has already sustained Rs714 billion in shortfalls in nine months. The IMF has lowered the target to Rs12.3 trillion, but the FBR's internal estimates suggested that the collection may still remain in the range of Rs11.7 trillion. This is despite the fact that the government imposed Rs1.3 trillion in additional taxes in the budget. The FBR is of the view that due to lower than estimated economic growth and inflation, its collection took a major hit.
Express Tribune
27-04-2025
- Business
- Express Tribune
Reforming taxation for salaried class
Talking to members of the All Pakistan Textile Mills Association (Aptma) on Monday, the ombudsman said that tax revenue collection could be increased 'only through a fair, just, easy and efficient tax system'. PHOTO: FILE Listen to article The tax system in Pakistan is constitutionally required to be fair, just and equitable. However, a review of the current system reveals a concerning trend: those who are tax compliant are increasingly burdened, while those who avoid the tax net, often by conducting transactions outside the banking system, face little to no consequences. The salaried class exemplifies this disparity. Despite being among the most tax-compliant segments, regularly filing returns and having taxes withheld at source by employers, they frequently face increased tax rates and the erosion or elimination of available tax benefits. This unjust treatment is often justified by the government's inability to collect adequate revenue from other sectors due to weak enforcement or political constraints. As a result, the salaried class becomes the default target for higher taxation. While this may offer short-term relief in revenue collection, it undermines long-term objectives and fuels a culture that incentivises staying outside the tax net. With the federal budget due within a month, this is an opportune moment to advocate for reforms that support the salaried class, drawing inspiration from international best practices. It's worth noting that the government has projected a 55% increase in revenue collection from the salaried class for the current fiscal year compared to the previous year's collection of Rs368 billion. This increased reliance on the salaried segment will make it more challenging to introduce equitable and supportive tax measures. However, these challenges can be overcome with political will, sound policy design and robust enforcement. It is concerning that tax laws are often amended under pressure from external lenders, yet domestic reforms that promote fairness across all income groups are rarely prioritised. First and foremost, the tax rates applicable to the salaried class must be revisited. The current tax-free threshold should be raised from Rs0.6 million to Rs1.2 million per annum. Moreover, Pakistan rarely indexes its tax brackets to inflation, a globally accepted practice that prevents fiscal drag or bracket creep. Indexing ensures that rising nominal incomes due to inflation do not result in higher effective tax burdens, especially for low and middle-income earners. Far too often, modest salary increments are negated by disproportionate increases in tax liabilities. Another issue that lies with tax rates of salaried class includes that if a person's annual salary exceeds Rs4.1 million, a flat 35% tax rate applies, down from a previous threshold of Rs6 million, creating a steep cliff effect. There is a clear need to introduce additional tax slabs to avoid such abrupt increases. Additionally, inconsistencies between income slabs also merit attention. A salary increase from Rs2.2 million to Rs3.2 million results in a marginal tax rate hike of 5.26%, whereas an increase from Rs3.2 million to Rs4.1 million leads to a lesser rise of 3.64%. Such disparities disproportionately impact middle-income earners and highlight the need for comprehensive slab rationalisation. Unfortunately, Pakistan tends to emulate other countries' tax rate structures without adopting the corresponding tax benefits those countries offer. A recent example is the additional surcharge introduced via the Finance Act 2024, under Section 4AB of the Income Tax Ordinance 2001 (the Ordinance), applicable where the taxable income exceeds Rs10 million. This surcharge is levied even on individuals, including salaried persons and associations of persons (AOPs), and must be reconsidered or withdrawn. A holistic view reveals that the effective tax rate on salaried individuals often exceeds that paid by small business owners, especially those operating informally or under the minimum tax regime based on turnover. Salaried taxpayers are not allowed to deduct any personal expenses from their income. A standard deduction, offered in many countries, including India, should be introduced. India currently allows a standard deduction of INR 50,000 under the old tax regime and INR 75,000 under the new regime. Pakistan could implement a similar deduction without requiring any supporting evidence to cover the basic costs of employment, such as transportation and meals. This deduction could vary depending on the taxpayer's circumstances, with higher deductions for senior citizens, disabled persons, teachers, etc. Lawmakers in Pakistan could also consider introducing dual tax regimes for salaried individuals. One regime could offer lower tax rates but limit deductions to a standard deduction and a few basic tax credits. The other could allow a broader range of deductions and credits in exchange for slightly higher rates. Taxpayers should be given the option to choose the regime that suits them best. Other commonly available deductions internationally for salaried class include those for house rent, mortgage interest, life and health insurance premiums and expenses related to supporting dependents with disabilities or chronic illnesses. These costs significantly reduce their disposable income and should be deductible under a fair tax system. Pakistan currently allows a limited deduction for children's education expenses, but thresholds are too low to be meaningful. These limits should be substantially increased and eligibility should be extended to include the taxpayer's own education and that of other dependents. Additional incentives could include offering tax credits or benefits to salaried individuals who consistently file their returns on time. The ordinance contains multiple penalties for non-compliance, but very few rewards for voluntary and timely compliance. A simple tax credit could be granted in the next fiscal year for taxpayers who filed on time during the preceding year. Since most salaried tax is collected through withholding, this measure would not significantly impact revenue but would encourage compliance. Furthermore, the government could exempt compliant salaried individuals from audits and assessments, except in high-net-worth cases or where specific risk factors are identified. The language of Section 149 of the ordinance should be clarified to clearly outline which claims are permissible when tax is withheld by an employer. In cases where a salaried person receives refund in a prior year, the refund should either be allowed under Section 149 of the ordinance or processed automatically through a streamlined verification mechanism. Many additional reforms could help make the taxation of salaried individuals more just, efficient and supportive of broader economic goals. This segment is among the most documented and compliant in the country, yet it continues to bear a disproportionate tax burden due to weak enforcement in other parts of the economy. It is time to prioritise fairness and equity in tax system not just in principle, but in practice. The writer is a member of the Institute of Chartered Accountants of Pakistan
Business Recorder
22-04-2025
- Business
- Business Recorder
Telenor's and Orion's acquisition: CCP decision delay threatens pact, PTCL chief says
ISLAMABAD: President and Group CEO of Pakistan Telecommunication Company Limited (PTCL) Hatem Bamatraf has warned that further delay in Competition Commission of Pakistan's decision regarding acquisition of Telenor Pakistan (Pvt) Ltd and Orion Towers may impact the agreement between the two companies, as the deadline is approaching nearer. This he stated while announcing the PTCL group financial results for first quarter (Q1), 2025, ending March 31, 2025, which achieved double-digit revenue growth of 22 percent. 'We have submitted all the required documents and information to CCP, however the delay in announcing the decision regarding acquisition of Telenor Pakistan (Pvt) Ltd and Orion Towers is unusual', said Group CEO, while urging for earlier decision to remove confusion and move forward. Telenor, Orion Towers: PTCL refutes CCP claim that it has failed to submit required info According to the agreement the transactions regarding the acquisition were earlier set for December 2024, but due to delay, a new deadline of end June 2025 was set. Group CEO said that further delay in CCP decision may impact the agreement. Group CEO and Chief Financial Officer (CFO) Nadeem Khan briefed the media, who claimed that the group's robust performance solidifies its position as Pakistan's top integrated telecom service provider. PTCL group's revenue grew by 22 per cent year on year (YoY) to Rs61.8 billion, enabled by robust growth in consumer segments, notably fixed broadband, and mobile data, complemented by significant contributions from enterprise and carrier wholesale services. They further stated that PTCL continued its upward growth trend, posting a 14 per cent YoY increase in revenue to Rs29.6 billion, contributed primarily by 70 per cent revenue growth in Flash Fiber and 23 per cent revenue growth in Business Solutions versus the same quarter last year. PTCL's Enterprise Business grew by 23 per cent as compared to same period last year, while Carrier and Wholesale business continued its growth momentum and achieved 24 per cent overall revenue growth. International segment revenue has increased by eightper cent as compared to same period last year. PTCL reported an operating profit of Rs4.1 billion, representing a 40 percent increase compared to the same quarter of 2024 and net profit reached Rs1.2 billion in Q1 2025 PTML's (Ufone 4G's) revenue grew by 21 per cent compared to Q1, 2024. PTML posted an increase in operating profit by 11 per cent during the quarter as compared to last quarter of 2024 driven by an enhanced customer experience and increased digital engagement through a range of data-centric products and strategic partnerships. U Microfinance Bank (UBank) recorded a 77 per cent YoY increase in revenue. They further said that PTCL Group is taking the lead in bringing the vision of a 'Digital Pakistan' to reality. PTCL and Ufone 4G is providing critical infrastructures and connectivity to initiate this movement. PTCL Group is at forefront of providing innovative services and solutions, through a rich array of offerings. PTCL's aggressive FTTH expansion has fueled its remarkable topline growth. Building on last year's momentum, PTCL prioritised on delivering the fastest and most reliable internet services through its flagship 'Flash Fiber' that remained No 1 FTTH service in Pakistan. During Q1, 2025, Flash Fiber proudly surpassed 700K customers across the country leading to a YoY revenue growth of 70 per cent. In Q1 2025, PTCL remained at the forefront with digital transformation by introducing industry-first WhatsApp-based bill payment solution in Pakistan, offering customers unmatched convenience, security, and accessibility in paying their monthly PTCL bills. The initiative is a significant step towards advancing 'Digital Pakistan.' The business services segment strengthened its market dominance and maintained its leading position in IP Bandwidth, Cloud, Data Center, and other ICT services segments. Ufone's impressive 4G expansion reflects its strong commitment to customer satisfaction and digital innovation. Ufone 4G continued to enrich customer experiences with pioneering products and offers in Q1'25, including: Ufone 4G's 'Super 5' package, a comprehensive connectivity solution designed for groups of up to five individuals, enabling seamless sharing of resources that provide uninterrupted communication and internet access for families, friends, or small teams. PTML's digital brand is redefining the traditional telecom experience with key achievements including 183 per cent growth in subscribers. During Q1, 2025, PTCL Group continued its commitment to giving back to the community through various initiatives by uplifting lives and transform society through its social impact platform 'Dil Se', designed to promote digital inclusion, compassion, and innovation. In this quarter, under the flagship Social Impact initiative, Dil Se 'Ba-Ikhtiar', the talented entrepreneurs enrolled in the programme designed Peshawar Zalmi's kit. More than just a jersey, it stands as a symbol of strength, resilience, and empowerment. The road ahead will include expansion in more than 20 districts and facilitate startup registrations with seed funding to scale their businesses. The PTCL Group partnered with Pink Collar to facilitate Pakistan's inaugural Women Career Summit in Lahore. The summit drew 30 leading corporates conducting recruitment drives. The summit also provided Ba-Ikhtiar beneficiaries a valuable platform to connect with industry leaders and inspire fellow entrepreneurs. Copyright Business Recorder, 2025
