Karachi: Former President and Chairman of Pakistan Business Group, Faraz ur Rehman, has stated that the current budget provides relief in various sectors to promote industry and pull the economy out of crisis. Key areas of relief include tax reductions for different industries, especially small and medium-sized businesses, along with subsidies in the energy, agriculture, and manufacturing sectors to reduce production costs. Moreover, trade policies have been eased to boost exports and financial schemes have been introduced to alleviate financial difficulties for business owners.
However, despite Pakistan’s youthful population, constituting 60 percent of the total, startups were completely overlooked in the current budget. Faraz ur Rehman emphasized that by supporting and promoting startups, the country can effectively utilize this demographic asset and compete globally.
While these measures can help revive the economy, additional steps are necessary for complete satisfaction. Faraz ur Rehman stressed the importance of transparent implementation of government policies and schemes, ensuring a consistent and affordable supply of electricity and gas for industries, introducing training programs for modern technology and management skills, and providing more incentives to foreign investors to increase investment in the country.
Consultation with traders, industrialists, and representatives of the public during the budget preparation process can make the budget more people-friendly and business-friendly. Furthermore, improving the provision of health, education, and basic necessities to the public, formulating economic policies that ensure long-term development, and taking strict measures to eliminate corruption can ensure the proper use of economic resources. These steps can make the budget more balanced and effective, helping the economy recover from the crisis.
