ISLAMABAD: Former President ICCI Shahid Rasheed Butt on Saturday said following the coronavirus destruction, the economy is now on the growth trajectory that has infused confidence in investors.
The government has focused attention on energy, tax net expansion, reforming PSEs, stabilising prices and currency and reducing the deficit which is laudable, he said.
Shahid Rasheed Butt said that country was on the brink of default when the incumbent government came to power and change the situation by taking tough but decisions which were necessary to avoid default.
Massive investment in Pak-China Economic Corridor, special focus on infrastructure development, and zero tolerance for terrorism are satisfactory developments but upgraded tax system and pace of privatization must be improved.
He said that incompetence of exporters has forced government to borrow or burden existing tax payers which is not going down well with the masses.
He added that 3.2 million Pakistanis falls into the category of rich but not even one-third pay taxes while the axe falls on the poor which result in social problems.
The business leader noted that despite best efforts of the government, the prices of wheat, flour and sugar could not be reduced in the market which indicates collusion between the importers and the influential mafia which must be noticed.
The availability of wheat was an important issue and there was a need to maintain sufficient stock of wheat in the country therefore the government should start importing wheat by itself as the response of the private sector is has left much to be desired.