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KARACHI, Jun 10 (APP):Karachi Chamber of Commerce and Industry (KCCI), terming finance bill 2025-26 as a technically sound budget, on Tuesday urged to design a comprehensive implementation framework for transferring the benefits to the people.
The leadership of Karachi chamber, including Zubair Motiwala, KCCI president Jawed Bilwani, former presidents, vice presidents, office bearers of the chamber and associations, as well as journalists, gathered to listen to the budget speech of Federal Finance Minister Muhammad Aurangzeb.
Speaking at the occasion, Zubair Motiwala, commented that, initially, it seems a progressive and technically sound budget speech encompassing new initiatives, talking on adoption of new technologies and carrying forward reform agenda.
He said that the significant reduction in interest rate encouraged private sector borrowing while power tariff decrease provided some respite to the industrial sector but more measures were required to lessen costs of production and doing business for promoting competitiveness and export growth.
Motiwala acknowledged SIFC’s efforts for attracting foreign investment and also lauded initiatives aimed at climate change, revival of exploration and production of oil and gas. He stressed on allocation of more development funds under the Public Sector Development Program (PSDP) in the budget keeping in view the vast requirements of development across the country.
To expand the tax base we need to focus on sustainable GDP growth, recovery of the agriculture sector, taxation system reforms, he suggested.
Face-less Customs, reducing tax on real estate, polythene duty, phasing out of former FATA exemptions were among the other budget proposals presented by the KCCI to the federal government and made part of budget initiatives, he said.
President KCCI, Jawed Bilawani, underscored the need of comprehensive measures for further reduction in inflation, promoting industry, expansion of tax base, and discouraging brain drain.
Karachi is the financial hub of the country with a vast population and dense urban settlements, the KCCI leaders said, adding that federal as well as the provincial government should allocate sufficient budget to meet the development requirements of the metropolis that drive the financial and economic activities of the country.