Reward, regulation system needed to boost economy

Karachi: The government needs to distinguish between those earning foreign currency and those spending foreign currency and set system of reward and regulations accordingly, said president Union of Small and Medium Enterprises (UNISAME) Zulfikar Thaver.

Those earning must be rewarded by way of bonus and incentives and those spending must be made to pay a higher rate except importers of essential goods, raw materials and machinery.

The exporters are in doldrums due to lower rupee proceeds and need support rate of exchange to meet global competition.

Imports of raw material, commodities and machinery has become cheaper but till such time the importers have old stocks they will not reduce prices he remarked.

While the rupee gaining strength is a healthy sign the policy makers need to take positive steps as economist and not merely behave like accountants.

The business community expects a friendly budget well aligned with trade, industrial and monetary policies to stimulate the economy.

It is very important that the alternate renewable energy sector is facilitated wisely, the law and order situation is tightened. The taxation system made efficient and well managed. The cost of finance reduced and cost of doing business reduced by positive measures.

Pakistan is importing many items which are made in Pakistan and local industry is suffering. The need for tariff protection is imminent and the government must impose regulatory duties on such goods also on luxury goods.

The whole concept is of facilitating, promoting, encouraging and creating conducive environment and since the present government of Pakistan Muslim League-Nawaz (PML-N) is business friendly the entrepreneurs are expecting positive support to make doing business easy and expecting cost effective measures.

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