LAHORE: The Department of Economics at the Lahore College for Women University (LCWU) organised a pre-budget seminar titled ‘Current Economic Scenario & Priorities of Pakistan Budget 2023-24’ shedding light on the upcoming budget’s implications and its potential impact on the economy.

Kashif Anwar, Lahore Chamber of Commerce and Industry president, was the chief guest, while Dr Ejaz Sandhu, team leader at the Shahid Burki Institute of Public Policy, shared valuable insights.

Prof Dr Bushra Mirza, LCWU vice chancellor, emphasised the importance of taxing every sector of the economy to generate additional revenue and reduce the budget deficit. She highlighted the potential in untapped areas such as land utilization, which could be explored for various industries like agriculture, renewable energy, and tourism. By harnessing these resources, significant revenue can be generated.

Mr Anwar stressed the need for an industrialist-friendly tax policy, advocating for lower interest rates and the introduction of an amnesty scheme to promote investment. He also emphasized the declaration of undeclared assets in the form of foreign exchange. Dr Sandhu emphasized the urgency of reducing unproductive and unnecessary government expenditure on protocol, expanding the tax base, and lowering tax rates. He also proposed the formulation of policies to boost livestock and agriculture production.

Prof Dr Muhammad Afzal, dean of the faculty of arts and social sciences at the LCWU, emphasized the significance of grassroots-level policies that encourage investment. He highlighted the importance of stimulating economic growth and addressing challenges faced by different segments of society. He called for a nationally representative survey at the town/tahsil level to provide the foundation for town-level planning and policies. Moreover, he stressed the need for a robust local government system in collaboration with provincial and federal authorities to achieve economic objectives.

Dr Samia Nasreen, chairperson of the Department of Economics, emphasized the importance of understanding the budget and its potential impact on various sectors of the economy. The seminar saw active participation from PhD, MS and BS students, and faculty members from various departments, contributing to its success.

Published in Dawn, May 27TH, 2023