Published On: Tue, Feb 23rd, 2021
Published in Category: Lahore

LCCI pins high hopes with Federal Budget 2021-22

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Lahore: The Lahore Chamber of Commerce & Industry has called for a business friendly upcoming budget and said that the Federal Budget 2021-22 has become the most important document in the context of COVID-19 which has shattered the basis of economy.

While talking to a group of businessmen, the LCCI President Mian Tariq Misbah, Senior Vice President Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry said that Federal Budget is the most important document for any country as it sets economic directions for the entire year. “It is important that Budget for FY 2021-22 should have doable suggestions of business community in its fold.”

They said that Pakistan is energy & water starved country and needs to make substantial investment for the development of power sector infrastructure that is capable of meeting the growing needs of the economy. They said that government should ensure substantial amount of public investment first into transmission and distribution infrastructure.

The LCCI office-bearers said that to tackle circular debt on sustainable basis – ultimately Pakistan would have to ensure that the electricity power sector is efficient and competitive. This would require consistent structural and institutional reforms. In particular, removing subsidies and adherence to full cost recovery will have to be ensured. They said that tariffs should fully reflect normal profits. The sector’s large debt overhang also needs to be eliminated on sustainable basis.