Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Industrialists concerned over gloomy conditions
09-20-2008, 01:13 AM
Post: #1
Industrialists concerned over gloomy conditions
By Mansoor Ahmad
LAHORE: Economists, traders and industrialists are dismayed over the relaxed attitude of the government on the economy as either efforts are not made to stop its decline or the stakeholders are not being taken into confidence.

Trade and industry representatives were surprised by the exuberance shown by Federal Finance Minister Naveed Qamar at an Iftar-dinner in Lahore this week where he brushed aside any concession to the industry and

even went back on his words to provide R&D to the textile sector despite an allocation of Rs20 billion under this head.

They say the government has been working with a sole goal to increase revenue. To achieve it the government is targeting avenues from where revenues could be generated without much fuss and without any documentation.

They point out the tax evading sectors like stock market, property and traders are being ignored because of their political clout. At the same time the government has not provided any roadmap for economic recovery. The sectors in trouble do need some government facilitation and policy changes. They said the government has not even fixed any import target in its trade policy that clearly indicates the rulers themselves have no idea about the turn the economy would take in future. They said the government for instance provided another waiver to the capital market on capital gain tax.

However they pointed out the market has crashed despite this incentive. They said the government was unduly worried about the reaction of the capital market on introduction of transparent measures which would have been of short duration. They said the capital market would prosper in the long run if proper documentation is ensured. Similarly they expatiated property business is still not properly documented and is major avenue where black money is parked. The economists are puzzled while all the revenues are going. They said as far as tax revenues are concerned the government is above the target in the first two months of this fiscal.

They enunciated this fiscal the government earmarked a subsidy of Rs133 billion for electricity and Rs175 billion for petroleum products based on high oil rates of over $140 per barrel. They said the government increased the electricity rates first by 31 per cent then again by 31 per cent besides withdrawing 16 per cent GST on electricity. They said oil rates down by 40 per cent and electricity rates increased there would be no need to subsidize electricity.

At the most they said the subsidy in this regard would scale down to half. Similarly they added there would be need for subsidy on petroleum products.

http://www.thenews.com.pk/daily_detail.asp?id=136592
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  PWD uplift projects: National Assembly panel concerned at embezzlement Salman 0 7,285 11-28-2013 12:58 PM
Last Post: Salman
  Depressed market conditions affect CDA bidding Salman 0 4,194 11-23-2012 03:31 PM
Last Post: Salman
  Industrialists to protest against four-day gas load shedding Lahore_Real_Estate 0 3,249 11-24-2010 04:57 PM
Last Post: Lahore_Real_Estate
  Dehli: Worst Conditions! LRE 1 4,859 08-18-2010 11:39 PM
Last Post: LRE
  IMF concerned over rising expenditure, inflation Lahore_Real_Estate 0 2,955 07-19-2010 01:13 PM
Last Post: Lahore_Real_Estate
  IMF conditions ‘to make budget a bitter pill for the masses’ Lahore_Real_Estate 0 3,186 05-28-2010 10:19 AM
Last Post: Lahore_Real_Estate
  Unesco concerned over Moenjodaro road construction Lahore_Real_Estate 0 4,345 05-01-2010 10:27 AM
Last Post: Lahore_Real_Estate
  Pakistani workers’ conditions similar to 1886 Chicago labourers Lahore_Real_Estate 0 3,374 05-01-2010 10:18 AM
Last Post: Lahore_Real_Estate
  Gas Loadshedding, Energy Crisis & Concerned Authorities LRE 3 7,281 01-14-2010 04:39 PM
Last Post: LRE
  India concerned over China, Pak military 'nexus': Antony LahoreEstate 0 2,888 11-28-2009 03:20 AM
Last Post: LahoreEstate
  Zero Point Interchange: Senate body concerned over CDA contract to ‘blacklisted firm' Naveed Yaseen 0 3,943 10-25-2009 05:59 AM
Last Post: Naveed Yaseen
  Govt mulls subsidy on furnace oil, power for textile industrialists Naveed Yaseen 0 2,685 10-09-2009 06:00 AM
Last Post: Naveed Yaseen
  Sheikh Rashid concerned over fate of mega projects Naveed Yaseen 0 2,701 09-20-2009 06:33 AM
Last Post: Naveed Yaseen
  Thirty more Lahore eateries fined due to unhyginic conditions LahoreEstate 0 3,338 09-13-2009 05:03 AM
Last Post: LahoreEstate
  If Construction Material/Waste Found on Road Concerned Staff/Responsibles will be Dealt with Iron Hands LRE 0 3,182 08-18-2009 09:55 AM
Last Post: LRE
  Towels Industry: Industrialists Reach Bangladesh LRE 0 2,584 07-17-2009 01:26 PM
Last Post: LRE
  JI concerned at China riots Naveed Yaseen 0 2,492 07-09-2009 06:08 AM
Last Post: Naveed Yaseen
  OIC "deeply concerned" on "disproportionate use of force" in China Naveed Yaseen 0 2,446 07-08-2009 08:08 AM
Last Post: Naveed Yaseen
  Foreign lenders concerned over manipulation of GDP growth figures Naveed Yaseen 0 2,371 05-27-2009 07:51 AM
Last Post: Naveed Yaseen
  Scientists find gloomy days are good for brain Naveed Yaseen 0 2,708 04-18-2009 08:29 AM
Last Post: Naveed Yaseen

Forum Jump:


User(s) browsing this thread: 1 Guest(s)