Businesses seek pro-growth budget to prevent industry closures, job losses
Finding it extremely difficult to survive amid dwindling foreign exchange reserves and import curbs with a weaker rupee and unprecedented inflation, the business community has sought out-of-the-box solutions in the upcoming budget to prevent industry closures and job losses. During a meeting with the Senate Standing Committee on Finance and Revenue on Tuesday for discussing budget proposals for the upcoming fiscal year, the business leaders proposed a pro-growth budget to restore investor confidence and strengthen the role of the manufacturing sector, especially export-oriented industries. The committee, led by Chairman Senator Saleem Mandviwalla, reviewed different suggestions put forth by the trade and industry representatives for incorporation in the upcoming budget broadly asking for lowering of tax rates and improving the business environment to revive the economy. Pakistan Business Council CEO Ehsan Malik informed the committee that the top 100 businesses in the country contribute significantly to exports, accounting for 40pc of total exports. These businesses also contribute 20pc to GDP and pay around 56pc of the total taxes collected.