OUR STAFF REPORTER LAHORE - LCCI Founders Group Saturday gave a seven-point formula to the government to turn the forthcoming budget into a business-friendly document that would be paving way for the economic revival of the country within shortest possible time. The Chairman Founders Group Mian Tajammal Hussain while speaking at the inauguration of new Founders Office at Big City Plaza, Liberty Market, said that if the suggestions are implemented in letter and spirit, the country would not be needing any sort of foreign assistance. LCCI former Presidents including Syed Mohsin Raza Bukhari, Iftikhar Ali Malik, Salahuddin Ahmad Sahaf, Tariq Hameed, Mian Mohammad Ashraf, Ilyas M. Chaudhry, Sheikh Mohammad Asif, Mian Misbah-ur-Rehman, Shahid Hassan Sheikh, LCCI sitting President Shahzad Ali Malik, LCCI former SVPs Mian Mohammad Jehangir and Farooq Iftikhar were prominent among the speakers. Mian Tajammal Hussain said that the country was passing through a very difficult period in terms of economy while the political uncertainty has gripped the entire nation and to cope with the situation every segment of the society would have to play its role. He said that business community was ready for every sacrifice for making the country a hub of business and economic activities. The Chairman Founders Group said that after a number of meetings, Founders group has reached the conclusion that there are seven areas that need immediate attention of the policy makers. He said that there were no two opinions about it that the country has an acute shortage of electricity that has paralysed production but at the same time it was the duty of the government to develop alternate means of electricity generation. Had three years ago, when the present regime assumed the office, some solid measures been taken the situation today would have been very encouraging. He said that as an immediate measure the government should eliminate circular debt so that the gap between demand and supply could be curtailed. Secondly, he said that line losses and power theft should be controlled. And last but not the least the government should focus on construction of water reservoirs. Amongst the alternate sources of energy Biomass shows tremendous potential. . The total capacity in biomass is 22800 MW in Pakistan little technical training is required to make use of this resource. Alternate Energy Board must concentrate on it to establish these units in villages. Coal, hydropower and biomass will produce energy at a flat rate of less than Rs. 5 per unit for next twenty years, helping manufacturing industry to grow unabated with no taxation on inputs and availability of technically better quality workforce. Increased yield in cotton will support local textile industry to take leadership role in the market. It is advised to the state to withdraw all profiteering and taxation from energy sector. Any new projects with public-private partnership should ensure that they work on no-profit-no-loss basis. To deal with unemployment and fast escalating inflation, he suggested, the government should immediately direct the State Bank of Pakistan to ensure availability of cheaper money to the trade and industry by lowering markup to single digit. Elaborating his point, Mian Tajammal said that with the single digit markup, the government actually would be expediting the process of industrialization in the country resultantly there would be more jobs for the unemployed youth while inflation would also come down with the improvement of supply chain of consumer goods. On fast increasing oil prices in the international market, Founders Group Chairman said that the government should immediately cut duties and taxes on it. Definitely for bringing down the taxes and duties on oil products, the government would have to curtail its non-development expenditures but it was a common phenomenon that untoward economic situations are dealt through special measures. He also endorsed the LCCI demand for bringing down the rate of General Tax to 12 percent as the high rate of GST in vogue in the country is discouraging the people from coming into the tax net.