Karachi: Mian Zahid Hussain, a prominent leader in Pakistan's business community, has expressed support for the Finance Minister Muhammad Aurangzeb's recent remarks at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in Lahore, where he declared a shift from "economic stabilization" to an "industrial growth" phase.
According to Pakistan Businessmen and Intellectuals Forum, Hussain responded positively to the Finance Minister's acknowledgment that job creation is primarily driven by the private sector, rather than the state. He emphasized that the Minister's commitment to resource provision for the private sector should be reflected through reduced energy tariffs and lower interest rates, which are essential for industrialization.
Hussain highlighted the Finance Minister's pledge to review the Super Tax mechanism and consider an installment plan for its payment. He urged the Federal Board of Revenue to issue a notification for this installment facility within 48 hours to prevent undue pressure on compliant taxpayers.
Further, Hussain pointed out the urgency in addressing the textile sector, noting the Minister's 10 to 12-day timeline for announcing concrete measures. He warned that any delays could have negative impacts, especially with regional competitors like India gaining duty-free access to Western markets. The Finance Minister's projection of increasing IT exports from $3-4 billion to $10 billion was also noted, provided the digital ecosystem is supported effectively.
While praising the Finance Minister's tough stance on tax evasion, Hussain called for enforcement efforts to focus on the informal sector and smugglers, rather than the existing salaried class and documented industries. He also advocated for the Construction Relief Package to prioritize low-cost housing and industrial infrastructure over real estate speculation, to boost related industries.
Hussain concluded with a call for the implementation of the Finance Minister's vision by Islamabad's bureaucracy, following his address in Lahore.
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