LAHORE:
Pakistan Muslim League-Nawaz (PML-N) Quaid Nawaz Sharif suggested an “ask-no-question” policy for the investment coming to the industry and told businessmen on Thursday that future economic decisions would be taken “boldly” in consultation with the business community.
Addressing the office-bearers of the Lahore Chamber of Commerce and Industry (LCCI), Nawaz said that the PML-N understood the economic situation, facing the country but stressed that the party could change the economic fate of the country, if elected in the February 8, 202 general elections.
“We understand the economic difficulties of Pakistan. We have always consulted you [business community], and now we will proceed only with the consultation,” he said. “There should be a policy of not asking questions about the money coming into the industry,” he said.
“We started privatisation and liberalisation. Our neighbouring country India adopted our policies and achieved economic progress. If our economic policies of the 1990s era were not scrapped by the later governments, Pakistan might have surpassed many countries in economic progress,” he continued.
Between 2013 and 2017, Pakistan had become 24th largest economy in the world, Nawaz said. “We kept the dollar at Rs104 for four years. “Had our policies been allowed to continue, the dollar would have been worth Rs40 or 50 today,” he added.
He assured that the business community would be consulted on the futures decisions. “When it comes to the country, we never shy away from tough decisions, no matter if such decisions may hurt us as a political party. This is the difference between us and others”, Nawaz said.
“We once again will take necessary steps to save Pakistan as we did before,” he said, adding that if the people demanded development, education and health, it was their right and it was the responsibility of the state to provide them these facilities.
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“There is a need to take daring steps for the sake of our economy, while equally providing relief to the general public,” the three times former prime minister said. “It is our responsibility and duty to free the people from inflation and poverty.”
While defending the performance of the previous coalition government, led by PML-N President Shehbaz Sharif, Nawaz said that they were not ready to take the government in 2022 but it was necessary to save Pakistan from a default.
“The PML-N was not ready to govern after the success of the no-confidence motion in 2022. However the country was at the brink of default, and saving the country was the need of the hour,” he said, adding: “Even Shehbaz Sharif’s resignation speech was ready. I have gone through that speech.”
On the occasion, LCCI President Kashif Anwar said that because of a sharp increase in the tariffs of electricity, gas and the prices of daily-use items, depreciation of the rupee “we are facing problems like inflation, high cost of production and high markup rate etc”.
Due to the strict measures, the value is strengthened. The difference in the rate of the dollar in the interbank and open market has also been eliminated. There is a great need for stability in the value of the rupee and bringing it below 200 rupees against the dollar is extreme.
Anwar stressed the need for expanding the tax net. “Our businessmen want to pay taxes but the problem is that our taxation system is very complicated. In this situation, when you are afraid of audits, bank attachment, penalties and surcharges, who will come in the tax net,” he said.
He called for simplifying the tax system. He also said that regulatory on imported raw materials and components, which were not being made in the country, should be eliminated. He added that the current policy rate of 22% interest rate must be reduced.
