Govt policies aimed to achieve sustainable, inclusive economic growth: Aurangzeb

PESHAWAR, FEB 26 (APP): Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb here Wednesday said that the government was endeavouring for sustainable and inclusive economic growth imperative for progress and prosperity of the entire nation.

Addressing Sarhad Chamber of Commerce and Industry (SCCI) meeting as chief guest along with Minister of State for Finance and Revenue, Ali Pervaiz Malik, Senator Muhammad Aurangzeb said that the country have achieved economic stability after Federal Govt’s goal oriented policies and economic reforms that started positive effects on people lives.

He said that the Govt was committed to broadening its tax base and advancing with a focused approach to make Pakistan an export-led country.

The Govt has simplified the taxation process and the Tax Policy Office would be operationalized in a few days to facilitate taxpayers, industrialists and the business community. The Federal Minister said that information technology and digitalization were introduced in the Federal Board of Revenue (FBR) to save time and ensure more transparency in financial affairs.

The Minister said that Pakistan has been put in the right direction by the present elected Govt and great responsibility rests on the private sector to come forward and contribute richly in the country’s development process.

He said the private sector has to take a lead role in promotion of business and industrialization in the country especially in mineral rich Khyber Pakthunkhwa and Balochistan, adding that the Govt would facilitate business and industrialization to generate employment opportunities for youth and alleviate poverty in KP.

As a result of the Govt’s prudent economic and fiscal policies, he said that price hike has been slashed below signal digit and rice and IT exports achieved record growth during last one year that spoke volume of our commitment towards inclusive economic development. The Minister said that food inflation, current account deficit and pressure on Pakistani rupee has been significantly reduced and the country’s economy is stabilized.

He said that the business and industrialization sectors were being incentivized to generate employment opportunities for youth. The Federal Minister said that local industries and SMEs were being promoted for the people’s prosperity.

He said the Tax Policy Office would help facilitate traders and taxpayers besides take the country forward towards inclusive growth.

The Federal Minister said that he came here to personally observe and listen to the difficulties and problems of KP’s businessmen, asking the SCCI President to submit detailed workable proposals and recommendations for consideration in the upcoming budget. 

He said the height of prosperity could be achieved by creating a balance between revenue and expenditure. He said that nothing has been delayed on the side of his department and now it was between the bank and client to address their issues.

Minister of State for Finance and Revenue, Ali Pervaiz Malik said that ‘we all are Pakistanis and it was our collective duty to work for progress and prosperity of the country. He said the Govt was endeavouring to create balance between income generation and expenditure and the Govt’s economic and fiscal policies besides reforms has immensely helped in achieving economic stability despite enormous challenges.

He said the Govt has ensured financial discipline and addressed issues related to tax refund. He said that the Govt was striving hard to provide relief to poor consumers of electricity. Before Shahbaz Sharif Govt took over, he said  the country was facing an imminent economic  collapse and prices of daily commodities were soaring high.

However, the Shahbaz Sharif Govt accepted the massive economic recovery’s challenge and put the economy back on track.

Earlier, SCCI President and other members of the organization welcomed the Federal Minister and Minister of State for Revenue and highlighted problems being faced by the business community. They were also presented with traditional turbans.