FAISALABAD, June 13: The federal budget clearly depict the government’s economic vision and commitment to devolve benefits of the economic growth to people at grass roots level, Governor Khalid Maqbool said here on Wednesday.

Addressing the business community at the Faisalabad Chamber of Commerce and Industry (FCCI), the governor said the government had decreased withholding tax on various items and declared cotton oilseed zero-rated.

He said that fertiliser had been subsidised and added that the 20 per cent subsidy on farm tubewells would help farmers strengthen the rural economy.

The governor said there would be no shortage of development funds in future. He said that four per cent of the gross domestic product had been allocated for education.

Taxes and duties had been decreased on various items despite an ‘increase’ in socio-economic uplift funds. He said that thousands of government employees had been promoted and their salaries increased.

Mr Maqbool urged the businessmen to produce skilled and efficient manpower to cope with future challenges. He said the government would continue its support to the business community.

He said the people had rejected opposition’s politics of strikes and protests. Some elements were trying to incite political problems to deprive the people of economic benefits.

The Punjab IGP, he said, had been directed to arrange additional force to ensure an atmosphere conducive to business activities.

Earlier in his welcome address, FCCI President Muhammad Ayub Sabir described the federal budget as ‘balanced’. Later, the governor inaugurated the Secretariat Block at the FCCI.