Karachi Pakistan – Former SVP Federation of Pakistan Chamber of Commerce & Industry FPCCI, Secretary Information United Business Group said that the Govt. has presented election budget in the difficult economic situation. The Finance Minister presented national budget 2023-24 of Rs. 14,460 billion with deficit of Rs. 6,924 billion to pay Rs. 7,303 billion for debt and markup payment, allocated Rs. 1804 of the budget and Rs. 950 for PSDP. With fiscal space Finance Minister announce 30-35% increase in salaries of Govt. employees and 17.5% increase in pension. The Govt. has also announced minimum wages for the private sector Rs. 32,000/month. The budget has announced incentives for youth and IT sector and to overseas Pakistanis. The export target of IT sector increased from present $2.5 billion to $4.5 billion. Withdrawal of custom duty and sales tax on solar panels will promote renewable energy generation. The Govt. has realized and focused on agriculture, manufacturing and construction sectors in the budget which is a step in the right direction. Dr. Ikhtiar Baig appreciated Finance Minister Ishaq Dar, Minister for Commerce Naveed Qamar, Secretary Commerce Saleh Farooqi, Tariq Bajwa, Tariq Pasha, Chairman FBR Asim Ahmed and his team for incorporating important proposals given by him and FPCCI, Chambers, ABAD and different associations. Federal Govt. allocation of Rs. 17.5 billion for Karachi K-4 water project is commendable but exporters expressed their concern for the non-payment of duty drawbacks (DLTL) and sales tax refunds. The business community also emphasized revival of IMF agreement on most priority basis to avoid economic uncertainty in the country.
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