LAHORE, March 29: Lahore Chamber of Commerce and Industry President Mohammad Ali Mian has welcomed the agenda for progress and prosperity announced by the prime minister.

Congratulating the premier on securing vote of confidence, the LCCI president said that the austerity drive launched by him was the need of the hour and would make a long-lasting impact on the country, if implemented, in letter and spirit.

Commenting on the announcement for construction of one million housing units every year, the LCCI president said that the construction industry was considered to be the mother of all industries and this single step would give boost to 23 other allied industries and economic activities would touch a new peak.

Though, the increase in wheat support price from Rs 510 to Rs 625 per 40-kg would cause a hike in flour prices, it would help boost the rural economy, besides ensuring self-sufficiency as far as wheat is concerned.

He also lauded the plan for building new power plants and energy conservation measures.

He said that the step would help revive industrial activity to achieve export targets.

The drastic cut in the budget of PM House and elimination VIP and luxurious culture would provide a much-needed relief to the exchequer, he said.