The budget has turned out to be a huge disappointment for the common man as it does not have any relief for them; rather it would increase their agonies and woes.
The Economic Survey of the current year also shows a dismal picture of the economic affairs of the country. There is a complete difference of approach in settling key economic issues. The government seems to be either unwilling or does not have the ability to address Pakistan’s key economic problems.
Our key problems, identified by the Economic Survey, include persistent high inflation, low growth, low revenue collection because of tax evasion, resulting into high fiscal budget deficit that overburdens the overall debt.
The core issue Pakistan is facing is foreign debt and its servicing, dependence on donor agencies and unproportional expenditure on defence. Without raising more taxes our economic problems cannot be solved.
The inflation rate is hovering above 14 per cent and is likely to rise with an increase in the price of daily-use commodities, like bread and soft drinks. It will have a crushing effect on the labour class, lowering their purchasing power and pushing them way backward.
Not a single slice of solace for them in this budget. Fifteen per cent increase in the salaries of government servants will be washed away directly by 14 per cent inflation. The finance minister said that only 1.5 million people filed tax returns this year, half of those who were registered. This speaks volumes for our efficient tax recovery system.
MARIA NOOR
Karachi
