Nauman for PPD for sustainable growth – Daily Notable
By Attaul Mujeeb Zeeshan
Lahore
According to the sources of Daily Notable, Public-private Dialogue (PPD) is the need of the hour and the government should devise a comprehensive strategy for sustainable growth.
In a statement, LCCI President Mian Nauman Kabir and Senior Vice President Mian Rehman Aziz Chan said that challenges always bring opportunities and give economies a chance to grow therefore government should see the things positively and should take steps in consultation with the stakeholders for economic accuracy.
They said that nothing is impossible in today’s arena as a number of countries became economically developed from nowhere. If they can do this then why we can’t, they said and added that all economic targets can be achieved through strong public private partnership.
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The LCCI office-bearers said that all economic issues can be controlled if the government focuses on some major areas. They said that regulatory duties on all the raw material lines, which are not being produced locally, should be eliminated to reduce the cost of doing business and making manufacturing competitive.
They said that the government should take reduce the interest rate immediatley. The recent hike in the SBP policy rate has made borrowing highly expensive for private sector and discouraging investment that needs debt financing.
The LCCI office-bearers said that weak rupee against the USD has caused a number of severe economic challenges for the country including hike in cost of doing business, rise in the import cost of fuel, raw material and other essentials. They said that there is a dire need to control those factors which caused massive rupee devaluation.
The LCCI office-bearers called for reducing the number of taxes by clubbing and hoped that policy in this regard would be announced in the coming budget. They suggested that the frequency of the tax payments of the taxes should be once a year.
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The LCCI office-bearers said that IT sector in Pakistan has remarkable potential as evident by the increasing number of IT based startups in Pakistan. To enhance the exports of IT sector, it should also be included in the priority sectors for export oriented investments. They said that appropriate and easy payment solution also needs to be designed for IT sector.
They also urged the government to keep construction of water reservoirs in its priority list in the upcoming federal budget. They said that water shortage can directly hit the economic growth of Pakistan as it is not only the cheapest source of power generation but is also the lifeline of agriculture sector. It is a matter of concern that water scarcity is increasing with every passing day but we are throwing away more than 35 million acre feet water to the sea.