Karachi: The President Lasbela Chamber of Commerce and Industry (LCCI) and Vice President FPCCI, Ismail Suttar has urged the government to seriously take measures to revive ailing economy considering the annual report of State Bank that showed a dismal performance by the economy.
In a statement Ismail said that central bank’s report even forecasted bleak picture of the economy in days to come if the government would not taken concrete steps for correction and rescue the various sectors declining fast. He expressed his surprise that even the agriculture sector did not show any progress that was giving good results for the past many years.
He further said that in order to achieve the sustained economic growth a progressive rate of 3-4%, the government must frame the investment friendly policies to increase the inflow of industrial investment into the country thereby creating employment opportunities for the people.*
The LCCI Chief has urged the government to reduce the non-development expenditure and the reliance on the domestic financing which has now become a major risk to macroeconomic stability as debt servicing alone has increased up to 6.7% of GDP. He also stressed on the need of the expansion of the tax net by including the agricultural sector into the tax net as well as the improvement of tax collection mechanism to enhance the Tax to GDP ratio, which is one of the lowest among the South Asian countries.
He also stressed the need to address the issues of power shortage and law and order situation in the country without which the macroeconomic stability would be jeopardized resulting in declining economic growth leading to the enhancement of the poverty and instability in the country.