PESHAWAR: The business community on Thursday rejected the proposed ‘mini-budget’ and warned that the imposition of Rs170 billion taxes worth billions of rupees would unleash a “storm of inflation” to the misery of the poor people besides slowing down the national economy.

Representatives of businessmen held a meeting at the Sarhad Chamber of Commerce and Industry (SCCI) here and said new taxes would lead the economy to a complete destruction.

SCCI president Mohammad Ishaq later told reporters that the federal government was set to make people’s life extremely miserable through the mini-budget.

He said the move would escalate the cost of industrial production and lead to a total collapse of the economy.

Mr Ishaq said the business community would take “aggressive steps” if policies were made against its interests and in that case, the government would be responsible for any untoward incident.

He said it had become quite difficult and instead impossible to run industries and businesses after a whopping increase in the prices of electricity, gas and petroleum products.

“Businessmen are in great trouble due to the anti-business policies of the government,” he said.

Mr Ishaq also complained about the unavailability of raw materials to industries due to the refusal of commercial banks to open letters of credit and said the situation had aggravated. He said unilateral policies of the government had added to difficulties of the business community on a daily basis, which was highly condemnable.

The SCCI leader said those who claimed to put the economy on the right track and bring down the value of the American dollar had led the country to bankruptcy.

He said on one hand, the government claimed to be taking austerity measures but on the other, it had created a large cabinet.

Mr Ishaq said the appointment of a brigade of ministers, advisers and special assistants was a sheer injustice to the country’s poor people.

He said on one hand, the country was sinking into foreign debts but on the other, the rulers were increasing their unnecessary expenditure.

Published in Dawn, February 17th, 2023

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

A state of chaos

A state of chaos

The establishment’s increasingly intrusive role has further diminished the credibility of the political dispensation.

Editorial

Bulldozed bill
Updated 22 May, 2024

Bulldozed bill

Where once the party was championing the people and their voices, it is now devising new means to silence them.
Out of the abyss
22 May, 2024

Out of the abyss

ENFORCED disappearances remain a persistent blight on fundamental human rights in the country. Recent exchanges...
Holding Israel accountable
22 May, 2024

Holding Israel accountable

ALTHOUGH the International Criminal Court’s prosecutor wants arrest warrants to be issued for Israel’s prime...
Iranian tragedy
Updated 21 May, 2024

Iranian tragedy

Due to Iran’s regional and geopolitical influence, the world will be watching the power transition carefully.
Circular debt woes
21 May, 2024

Circular debt woes

THE alleged corruption and ineptitude of the country’s power bureaucracy is proving very costly. New official data...
Reproductive health
21 May, 2024

Reproductive health

IT is naïve to imagine that reproductive healthcare counts in Pakistan, where women from low-income groups and ...