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RAWALPINDI, Oct 27 (APP):The Rawalpindi Chamber of Commerce and Industry (RCCI) on Sunday hosted a high-level think tank session focused on assessing Pakistan’s current economic situation and identifying solutions for sustainable growth. The session deliberated to identify core issues the national economy is facing and suggested for continuity in the government economic policies to take the country’s economy out of prevailing challenges. The house expressed unanimity while appreciating steps being taken by the government to put the economy on the right track.
Dr. Farrukh Saleem, the chief guest at the sessions in his address highlighted several positive economic indicators, noting that inflation rates have fallen, while exports and remittances have shown encouraging growth. However, he emphasized the need for reform in key areas, including fiscal deficit management, government spending, and foreign debt reduction, while pointing out growth potential in energy, agriculture, and industrial sectors. Dr. Saleem also advocated for the privatization of loss-making state-owned enterprises suggesting that the government should focus on regulation, leaving business activities to the private sector.
President RCCI Usman Shaukat underscored the purpose of the think tank saying that the session was aimed to propose actionable solutions.
“Continuity of policies is essential to address our economic challenges and guide Pakistan toward stability,” he added.
Chairman Think Tank and Group Leader Sohail Altaf urged all political parties to unite on an economic stability agenda for sustainable economic growth.
“Much like the 26th constitutional amendment, all political parties should untie to help Pakistan emerge from the economic quagmire”, he said.
He highlighted the excessive tax burden on current taxpayers, citing the high tax rates of up to 50 percent in the region, and recommended an expansion of the tax net alongside key incentives for businesses to stimulate economic growth.
Vice Chairman and former RCCI President Raja Aamir Iqbal emphasized the need for a comprehensive approach to address the growing trade deficit, which has risen by 29 percent in the first quarter of the year. He noted worrying trends in cement and tractor production, which have dropped by 20 percent and 50 percent, respectively, and called for collaboration with stakeholders to create sustainable economic policies that would reduce national debt and foster business-friendly reforms.
The session included a Q&A segment, where participants engaged with experts on pressing economic topics such as inflation, interest rates, production costs, stock market trends, IMF loans, and national debt.
The session was also attended by RCCI Senior Vice President Khalid Farooq Qazi, Vice President Fahad Barlas, former RCCI Presidents, and Executive Committee members, along with other prominent figures from the business community.