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‘No relief for ailing industry in budget’

June 02, 2012

RAWALPINDI, June 1: Terming the federal budget for fiscal 2012-13 anti-people, President Rawalpindi Chamber of Commerce and Industry (RCCI) on Friday said that there was no incentive and relief for the country’s ailing trade and industry.

Giving his reaction after the budget speech, RCCI President Javed Akhtar Bhatti while talking to newsmen said that the country was facing severe energy crisis but no concrete measures were announced in this regard.

He said that the government allocated Rs183 billion to solve the energy crisis whereas the circular debt hovered around Rs4 billion. With this scanty allocation, how the government would solve this major issue, he posed a question saying that the government was claiming that inflation rate was only 10 per cent but in fact it was around 18 to 19 per cent.

Javed Akhtar Bhatti said that there was no sign of relief for the industrial sector and no steps were incorporated in the budget to solve their problems.

He said that the government allocated Rs70 billion for Benazir Income Support Programme (BISP). “The government should initiate new projects and generate jobs instead of giving the people money for doing anything,” he said.

RCCI president said that the business community hailed the introduction of tax payer card, reduction of tax on money transfer, reduction of customs duty on 28 raw materials of pharmaceuticals and reduction of federal excise duty on cement.