LAHORE: The Federation of Pakistan Chambers of Commerce and Industry presented Pakistan’s first shadow budget at the FPCCI Regional Office Lahore.
President FPCCI Atif Ikram Sheikh stated that for the first time in history, a shadow federal budget, shadow economic survey, tax policy and administration reforms, and a Five-Year Development Plan has been presented.
The ceremony was addressed by FPCCI President Atif Ikram Sheikh, Regional Chairman and Vice President Zaki Aijaz, United Business Group (UBG) Patron-in-Chief SM Tanveer, Economic Policy and Business Development Think Tank Patron-in-Chief Bashir Jan Muhammad, Chairman Dr Gohar Ejaz, and CEO Ahmad Nawaz Sukhaira, who jointly presented the shadow budget.
Ikram Shiekh said that they are not merely presenting recommendations, but offering a complete, integrated, and practical alternative economic framework, which is a serious and organized effort to define Pakistan’s economic direction. He said this initiative is extraordinary because, for the first time, it incorporates practical industrial relief, a clear investment promotion strategy, a comprehensive export growth roadmap, economic documentation and reforms, and a revenue-neutral growth model within a single framework. He said this is not just a collection of figures, but a complete practical roadmap for the revival of Pakistan’s economy and its future direction.
Officials of FPCCI and the Economic Policy & Business Development Think Tank, while presenting the shadow budget, unveiled a comprehensive plan to achieve 8.5 per cent GDP growth over the next five years and increase per capita income from 1,900 dollars to 2,900 dollars. They also proposed reducing GST from 18 per cent to 15 per cent, lowering income tax on salaried individuals from 35 per cent to 20 per cent, bringing down interest rates and the dollar value, and eliminating the 40-billion-dollar trade deficit.
They said that a strong Pakistani economy and the prosperity of Pakistanis is their dream. Exports have remained stuck at $30 billion for the past four years, and they have now proposed a plan to increase them to $80 billion. They further stated that the nation deposited $60 billion in banks over the past two years and earned interest, and appealed to the government to focus on broadening the tax net.
They stated that the number of taxpayers must increase from 3 million to 100 million, otherwise the country cannot function effectively. They also proposed a 35pc increase in the defence budget and a 23pc increase in pensions, while recommending that the tax return form should be simplified to a single-page document.
