Wednesday, 24 April 2024, 09:42:09 am

Analysts hail the balanced budget laden with incentives for all sectors
June 12, 2021

Ali Muhammad Khan (Minister of State for Parliamentary Affairs): The intentions of Prime Minister are very clear and that is to facilitate the people by all means. If we look into his life before coming into power, it is full of struggle and hard work. After winning the World Cup, his only ambition was to construct a cancer hospital in the country and he achieved it. He continued struggle throughout his political life against the corrupt elements. After coming into power, Ehsaas program was one of the key initiatives of the government to facilitate the deserving people. At a time when the entire world was dealing with the pandemic, the Prime Minister disbursed a huge amount among the most deserving families in the form of cash assistance. This kind act is being acknowledged across the globe. The poor segments of the society are close to the heart of the Prime Minister. In the current budget, the government once again focused on the betterment of the masses. Prime Minister Imran Khan has directed the concerned authorities to keep tariffs under control. The prime focus in the budget is to bring improvements in exports, and industrial and agricultural sectors. We hope that we will be able to achieve the target of 5% GDP growth in next year.

Abdul Razak Dawood (Adviser to PM on Commerce and Investment): The main objective of the present government is to increase exports and promote Make in Pakistan trend. The government is working on budgetary incentives for 2021-22 to maintain the gains which it has so far achieved to put the country on the way to industrialization, making solid ground for import substitution and emphasizing more focus on diversification in exports. The exemption on custom duties on the import of raw material will definitely reduce the production cost, boost the exports and improve the industrial sector to a great extent. The fruitful outcomes of the economic policies of the government are expected in the next 12 to 24 months.

Mirza Ikhtiyar Baig (Economist): Despite being under the bailout package of the IMF, a pandemic situation and with limited resources, the present government managed to present a very balanced budget. The economic team identified the specific areas that could improve the economy of the country. The government has decided to introduce incentives for SMEs, IT and other sectors. The main focus in the next fiscal year will be on improvement in the agricultural sector. Unfortunately, this sector was ignored in the past but the incumbent government is determined to focus on it. Despite having bumper crops this year, we are unable to achieve the targets in the agri sector this year. In the budget, a 10% increase in pensions is also announced along with 10% increase in salaries. The minimum wages have also been enhanced to improve the standard of living of the poor. Petroleum prices at international level have increased and Pakistan imports the petroleum products based on these prices. This may increase the inflation but the government is taking all out measures to control the rising prices of essential items of daily use.

Dr. Masoom Yasinzai (Rector, IIUI): It is unfortunate that Islamophobia is increasing globally and it is a threat for international peace. We have to convey to the world in general and West in particular that Islam is a religion of peace, love and affection. Prime Minister Imran Khan in his address at the UNGA forum clearly stated that our religion instructs us to respect all religions. Targeting any specific religion leads to promoting extremism. Being an important Islamic organization it is the responsibility of OIC to chalk out a solution to counter the increasing Islamophobia.