ISLAMABAD

President of ICCI Shaban Khalid has said that energy crisis was the core reason for the slow growth economy and allocation in budget for energy sector would help in addressing this main issue. He said that in the federal budget, the govt has expressed its determination to resolve the issue of energy for increasing the economic activities and industrial growth in the country. He said that allocation of budget for new energy projects in different areas of power sector would be a good step to provide energy to industrial and domestic sector. He said that over all budget was constructive and investment friendly which had addressed all major areas of the economy.

The ICCI President said the government also showed commitment to broaden the tax net and connected the tax collection with electricity bills to target more people.

The announcement of long-term financing schemes for exporters, incentive packages for textile and agriculture sectors and reducing corporate tax are the initiatives that could pave way for fast economic revival.He said that the government also addressed the exports issues and decided to establish the Exim Bank to facilitate the import and export in the country.

He also appreciated the government for tackling the problems of Textile sector and to review the out put of cotton as well as go for value addition in Textile.

Replying to a question, he said the government has showed commitment to facilitate and to give relief to the under privileged manufacturing sector.He also hailed the government for its commitment to enhance foreign reserves to $22 billion in next three years.Shaban Khalid said that instead of announcing cosmetic measures, government has addressed some main issues of private sector, which is encouraging.

He said consultation process with stakeholders was the hallmark of this budget which resulted into preparation of result-oriented proposals.