Mian Zahid Hussain, a prominent figure in Pakistan’s business circles, serving as Chairman of the National Business Group Pakistan, President of the Pakistan Businessmen and Intellectuals Forum, President of All Karachi Industrial Alliance, and Chairman of the FPCCI Advisory Board, has expressed the business community’s high expectations for the forthcoming federal budget.
Addressing the ongoing economic crisis, persistent high inflation, and widespread unemployment, Mian Zahid Hussain emphasized that the public is keenly looking to the government for a budget that offers meaningful relief. Such relief, he stated, is crucial to enable the industrial and trade sectors to move towards stability, foster ease of doing business, and pave the way for sustained growth.
Key Demands for Economic Stability and Growth
Mian Zahid Hussain articulated the private sector’s desire for a budget that actively promotes investment, effectively lowers production costs, broadens the tax base, and significantly boosts exports. These measures, he believes, are essential to eliminate the chronic trade deficit and enable the economy to function at its full potential.
He also highlighted the indispensable need for an increase in the defence budget. Simultaneously, he stressed that concrete measures must be introduced to promote austerity, control unnecessary government spending, and curb corruption effectively.
Balancing Relief with Structural Reforms
Mian Zahid Hussain acknowledged that the Pakistani economy has been under considerable pressure for several years. While measures taken under IMF conditions were instrumental in helping Pakistan avoid a sovereign default, he noted that these steps also placed a significant burden on the population, leading to increased unemployment and inflation. Given these circumstances, he asserted that the new budget must carefully combine immediate public relief with robust structural economic reforms.
To achieve this, he recommended the elimination of unnecessary subsidies, a thorough review of existing tax exemptions, strict curtailment of government expenditures, and the swift privatization of failing state-owned enterprises.
Prioritizing Key Sectors and Visionary Approach
Mian Zahid Hussain strongly emphasized that agriculture, information technology (IT), exports, and the Small and Medium-sized Enterprise (SME) sector must be prioritized for comprehensive support. Such focused attention, he argued, would enable these sectors to generate vital jobs and significantly strengthen the national economy.
He further underscored the importance of operationalizing special economic zones, ensuring an uninterrupted and affordable energy supply, and consistently improving infrastructure as key budgetary priorities. Mian Zahid Hussain stated that the budget should not be viewed merely as a tool for increasing government revenue but rather as a fundamental means of promoting public welfare, driving industrial progress, and actively reducing poverty.
He warned that without a sustainable economic vision and a clear roadmap, temporary steps taken in the budget would yield no long-term benefits. He emphasized that the people of Pakistan have already made significant sacrifices, and the time has now come to offer them tangible relief.
Towards Public Confidence and Political Stability
Mian Zahid Hussain concluded by asserting that if the government presents a well-directed and thoughtful budget, it will not only contribute significantly to economic stability but will also be instrumental in restoring public confidence and fostering political stability. He underscored the critical need for national consensus, wisdom, and foresight to steer the economy forward, all of which, he believes, are achievable through a balanced, comprehensive, and people-friendly budget.
He reiterated that if economic policies are continued without disruption, an investor-friendly environment is created, undue pressure on industrialists is alleviated, and the tax system is simplified and made fair, both domestic and foreign investment will naturally increase. He added that taxpayers should be treated with respect, and non-filers should be actively encouraged to bring themselves into the legal tax framework.
