The federal Minister Dr. Hafiz Sheikh presented the 5th tax free Federal budget of 2012-13 in which government increase the limit of with holding tax from Rs 25,000 to Rs. 50,000. it is very good sign to give the honourary cards the income tax payers, obtaining facilities in government departments as well public places, these views expressed by the President FCCI Mr. Muzammil Sultan.
In a reaction to the federal bbudget announced on Friday he said, the GDP growth has reached 3.7% as compared to 3% last year. He added, agriculture grew by 3.13%, manufacturing sector grew 3.56%, while mini budgets are coming continuously which are creating many problems for business community as well as for a common man. Therefore the series of mini budgets must be stopped strictly.
Rehan Naseem Bharara, Vice President FCCI expressed his views regarding the federal budget 2012-13 that the country’s economy has been growing at an average growth rate of almost 3% for the last 4 years and demand of energy both at the production and consumers end is increasing rapidly.
Moreover, the government shows a lost of confidence in the energy recovery plan along with working on different gas pipelines as well as import of Liquid Natural Gas (LNG) , LPG and a shrinking of private investment from 8.6% last year to 7.9% this year. Former President of FCCI Mian Muhammad Adrees said, due to the high rate of inflation domestic savings rate shrieked from 13.2% last year to 10.7% this year. Due to the country level energy crises fiscal deficit recorded at 5% of DGP during July-March 2011-12 contracting favorably to 5.5% during the same period last year he added.
They said that the increase of 28% in national exports this year as compare to the last year. It is pertinent to mention that the Govt. withdraw federal excise duty on 10 more items, allocated heavy amount for resolve the energy crisis and given subsidy for solar tube wells. Moreover Pak foreign exchange reserve declined due to all above said problems.