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Time of India
5 days ago
- Automotive
- Time of India
Industrialists irked by poor roads in Ambad MIDC areas, demand urgent repairs
Nashik: Industrialists in the Ambad MIDC, located within the limits of NMC, are irked by the terrible condition of roads in the estate and the civic body's failure to repair them. According to the Ambad Industries and Manufacturers Association (AIMA), potholes have surfaced on all major and internal roads in Ambad Maharashtra Industrial Development Corporation (MIDC) areas, making driving risky for motorists. They added that the roads here have not been re-laid for the past 15 years. MIDC had previously handed over roads in both Ambad and Satpur industrial estates to Nashik Municipal Corporation (NMC), which repairs and maintains these stretches and streetlights on them. In turn, the industries pay a property tax to the NMC. Now, a delegation of AIMA, led by its president Lalit Boob, met officiating NMC commissioner Karishma Nair, seeking immediate road repairs and concreting of all roads in the Ambad industrial areas. Boob also urged the NMC commissioner to make adequate financial provisions in the civic budget for infrastructure improvement in both MIDC areas. In response, Nair said NMC has made a financial provision of Rs8.5 crore for Ambad industrial estate and Rs6 crore for Satpur MIDC areas, and improvement works will start in the next couple of weeks. Boob told TOI, "Potholes and the poor condition of roads are slowing vehicle movement, causing traffic jams and minor accidents. Moreover, workers are developing health issues and vehicle maintenance costs have risen. During peak hours of commute in the morning and evening, traffic jams are a regular affair." Nikhil Panchal, an industrialist, said, "The condition of roads, particularly in Ambad MIDC areas, has deteriorated further. It is causing huge inconvenience. We want NMC to immediately repair all roads using tar. Moreover, we also want the civic administration to re-lay all major and minor roads in Ambad industrial areas." He added, "We expected NMC to repair the roads by April, but it could not. Heavy rain has been lashing the city since May 5, further deteriorated the condition of the roads." There are around 2,000 micro, small, medium, and large industrial units in Ambad MIDC areas, providing employment to over 1 lakh workers. There is also continuous movement of heavy trucks and containers here to transport goods and dispatch finished products.
Business Recorder
24-05-2025
- Business
- Business Recorder
Pakistan budget 2025-26: expenditure likely to fall by massive Rs2 trillion, says report
Pakistan government is anticipated to unveil a budget outlay of Rs16.9 trillion for the upcoming fiscal year 2025-26, suggesting a notable reduction of 10.6% (or Rs2 trillion) compared to Rs18.9 trillion originally budgeted for FY2024-25, according to a local research house report. Arif Habib Limited's (AHL) report titled 'Pakistan Budget FY26 Preview - budget braces for balance' anticipated a notable reduction in total expenditure (budget outlay) in the wake of a significant cut in mark-up payment on the debt. IMF, govt to continue FY26 budget discussions 'over the coming days' The markup payment on the existing debt is likely to reduce to Rs8.5 trillion in FY26, compared to Rs9.8 trillion originally budgeted for FY25. 'It would be a balanced and a better budget (compared to FY25) considering a significant reducing in cost of borrowing in the wake of halving of the central bank's benchmark policy rate to 11% at present compared to 22% in the previous June,' AHL Head of Research Sana Tawfik said while talking to Business Recorder. The government is scheduled to unveil the budget for FY2025-26 on June 10. The reduction in the estimated expenditures would allow the government to shift its 'focus on fiscal discipline and reforms to stabilise the economy while offering targeted relief,' the report said. The AHL report estimated the overall budget would carry a fiscal deficit of Rs6.2 trillion, while collection of revenue (including non-tax revenue) totaling at Rs17.8 trillion in FY26. The budget deficit is calculated through subtracting provincial transfers estimated at Rs8.04 trillion and estimated provincial budget surplus at Rs950 billion from the gross revenue at Rs17.8 trillion for FY26. Tawfik added 'the other notable measures to be taken to balance the budget would be including tax relieves such as reduction in rate of super tax, rates of income tax for salaried class people, and rationalisation of tax rates on other heads'. The AHL anticipated numbers for the upcoming budget slightly differed with the ones reported in the media citing official sources in recent times. The research house said it projected numbers for the upcoming budget considering lower collection of revenue by the Federal Board of Revenue (FBR) at Rs11.83 trillion in the outgoing fiscal year 2024-25 compared to the one targeted (revised one) by the government at Rs12.37 trillion for the year. AHL report anticipated the markup payment on the existing debt would reduce to Rs8.5 trillion in FY26. The report said the government budgeted collection of revenue by the FBR at Rs14.3 trillion for FY26. The estimated number is based on the likely 'measures including GST [goods and services tax] on petroleum products, tax on retailers and wholesalers, and withdrawing exemptions.' 'The FBR tax to GDP ratio is projected at 11.3% in FY26 compared to 10.3% in FY25.' The government has budgeted current expenditure at Rs 16.2 trillion in FY26 considering decline in markup payments due to a significant reduction in interest rates, according to the report. It calculated the overall budget deficit at Rs6.5 trillion (or 5.1% of GDP). 'The drivers of increase the fiscal deficit would be including rise in current expenditure and decline in non-tax revenue (to Rs3.9 trillion) mainly due to projected reduction in SBP (State Bank of Pakistan) profits.' The research house estimated federal development budget (PSDP/public sector development programme) at Rs1.1 trillion, collection of revenue in petroleum development levy (PDL) at Rs1.4 trillion and SBP profit at Rs1.5 trillion in FY26. It forecasted new tax measures worth Rs869 billion in the budget for FY26 including income tax on retailers and wholesaler, imposition of GST at 3% on petroleum products, and removal of tax exemptions and duty for the Federally Administered Tribal Area (FATA) and the Provincially Administered Tribal Areas (PATA) region, according to the report. 'Budget aligned with IMF [International Monetary Fund] rules, no tax amnesties, resolution of circular debt, and a National Fiscal Pact devolving spending to provinces among other measures.' Construction sector: builders, developers call for 15-year tax policy The report said the government projected economic growth at 3.6% in FY26 compared to estimated 2.68% in FY25. It anticipated average inflation reading would rise to 6.29% in FY26 from 4.63% in FY25, while current account deficit (CAD) to be recorded at $1.5 billion in the next fiscal year starting July 1, 2025 compared to a projected surplus of $1.6 billion in the outgoing fiscal year 2024-25. 'Govt is expected to broaden the tax base through the introduction of new regimes, adjustments in tax rates, and enhanced collection mechanisms. At the same time, the government will try to provide targeted relief to vulnerable segments of society.' 'The budget is likely neutral to positive for the stock market (Pakistan Stock Exchange) and overall economy,' the report said.
Express Tribune
26-01-2025
- Business
- Express Tribune
Over 5k houses near completion with interest-free loans
LAHORE: Expressing pleasure over seeing houses built under the Apni Chhat, Apna Ghar programme, Punjab Chief Minister Maryam Nawaz Sharif has said that she is sure that it would prove to be the best housing scheme in Pakistan. "I want no one in Punjab to remain homeless. Everyone should have the happiness of having his/her own roof. The state is like a mother and mothers feel more for the homeless children," an official statement quoted her as saying. The chief minister loans are given on merit under the scheme. She added, "Those who get a loan of Rs1.5 million will have to pay the principal amount in nine-year installments of Rs14,000 per month." She said a record of giving microfinance loans worth Rs8.5 billion under the scheme in a few months had been achieved. She said more than 400,000 applications and documents had been received on the Apni Chhat, Apna Ghar portal and loans had been issued to 5,000 applicants in the first phase of the scheme. She underscored, "More than 5,000 houses under the programme are nearing completion." Chief Minister Maryam Nawaz said, "Construction of houses has also begun with 3,000 loans issued in Phase-II." She said three impartial microfinance institutions were verifying applications received on the portal. She directed the relevant authorities to complete the construction of 100,000 houses in one year and 500,000 in five years. A web portal and a helpline have been established.
