KARACHI:
Various trade bodies, associations, chambers and groups have presented their proposals for the budget. These include implementing a single window operation for all industrial units, formulating a consistent 10-year policy, reducing energy tariffs, promoting localization, reducing interest rates, stimulating entrepreneurship, discouraging unnecessary imports and the adoption of state-of-the-art machinery and techniques in agriculture. sector.
Hyderabad Chamber of Small Traders and Small Industries (HCSTSI) President Muhammad Farooq Shaikhani, Chairman Sea-trade Group of Companies, Muhammad Najib Balagamwala, Chairman All Karachi Tajir Ittehad (AKTI) Atiq Mir, along with other industrialists and business leaders, shared their budget proposals with The Express Tribune.
They stressed the need for ample funds for road infrastructure in the port city and to control runaway crimes on the road. Immediate implementation of Karachi Safe City project without hindrance of funds was requested.
They asked for a single window operation for all industrial units to deal with around 67 departments that are causing hurdles and hampering industrial growth. They also supported the provision of subsidies to reduce the burden of gas and electricity prices on industries, particularly small and medium-sized enterprises (SMEs). Immediate initiatives were called for to stop the closure of SMEs and curb the growing flow of contraband.
Rumors in the market claim that the government is considering a tax on solar/alternative energy of Rs 2000 per kilowatt. Entrepreneurs opposed this tax on solar energy and recommended an increased budget allocation for initiatives supporting SME growth. They suggested that the government should start vocational training programs and provide financial assistance to promote entrepreneurs.
Allocating funds for infrastructure at Sindh Industrial Trading Estate (SITE) Hyderabad has been deemed vital for industrial growth, job creation and productivity improvement in the region. Lower interest rates will provide incentives for investment in new industries, encouraging entrepreneurship and stimulating economic activity.
It was proposed to scale up the development budget to finance key projects aimed at economic development and social development. They proposed further investment in education, health care and infrastructure that they said would contribute to long-term prosperity. Encouraging export diversification and exploring new markets would reduce dependence on traditional export sectors.
They pointed to significant losses due to basic bureaucratic hurdles and machinery, urging the adoption of two tariffs for import and export cargo vessels. Tariff reductions were proposed for ships carrying essential commodities such as fertiliser, wheat and edible oil to reduce costs.
Business leaders also demanded sanctions on political parties that block commercial traffic during sit-ins. Truck booking charges were proposed to ensure uninterrupted flow of trade.
Published in The Express Tribune, May 11u2024.
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