PBIF Chief Promotes Reduced People Burden – Business & Finance

KARACHI: Mian Zahid Hussain, chairman of the National Business Group Pakistan and chairman of the Pakistan Businessmen and Intellectuals Forum (PBIF), said the steps taken to reform the economy were insufficient.

The recent measures have increased the burden on the people to an unbearable level and they are no longer able to bear other burdens, he said.

Mian Zahid Hussain said that instead of placing more burden on people, the elite should be targeted, tax should be imposed on farm income and bankrupt companies which suck six hundred billion rupees from the national treasury should be sold.

He said electricity and gas losses should be controlled, which exceed 700 billion rupees, while taxes on the industrial sector should be reduced, which will speed up the process of industrialization, develop the economy, provide jobs to the people and will generate billions of rupees in revenue for the government. which can be used to relieve people.

He said governments’ priorities had been wrong for decades, with the government now having to spend 71% of its revenue on interest payments, while global market conditions, local political tensions and reckless use resources have eroded confidence in the rupee which has led to a steady decline in its value leading to further inflation and unrest.

He noted that the government’s response to the rapidly changing situation and challenges has been insufficient, which has exacerbated the economic difficulties.

Mian Zahid Hussain said the government should increase its revenue and reduce its expenditure to relieve the people, as it is the only option.

The process of giving an annual aid of around three trillion rupees to the elites should be stopped while a third of that should be given to the poor.

At present, the government spends 200 rupees on current expenditure against income of 100 rupees and it imports different items worth 220 dollars against exports of 100 dollars, which has caused the debt to rise to 4 trillion rupees, which is enough to bankrupt the country.

In many developed countries, the number of government-owned cars is less than 100 and no officers are given a car for personal use, but the number of such cars in Pakistan is around 150,000. In Pakistan, a district officer , tax or police grade 17 uses vehicles which are not even given to federal ministers in India.

Mian Zahid Hussain further said that the situation is deteriorating but some politicians are worried about their future rather than the national economy and they are constantly sacrificing national interests in the name of power. Some politicians stir up instability, which amounts to laying mines in the foundations of economic collapse.

Copyright Business Recorder, 2022