"Industrial growth witnessed under previous govt after 1960s"

ISLAMABAD: Hamid Zaman, member of the All Pakistan Textile Mills Association, has asserted that industrial growth was witnessed under the previous government’s tenure after the 1960s, but rising inflation is now affecting every sector, ARY News reported on Friday.

Speaking during Special Budget transmission on ARY News, Hamid Zaman said: “We had to increase exports and that was because of the subsidies we were getting. The deficit would be less when we export local goods,” he said.

The APTMA member noted: “Our exports should be at least Rs40 to 45 billion, but we have always been a luxury nation. As exports increase, so do the demand for luxury items and cars.”

Mohsin Sheikhani, Chairman of Association of Builders and Developers (ABAD), pointed out that for the last two and a half months there has been neither political nor economic stability in the country.

“The government is constantly approaching International Monetary Fund (IMF) and other institutions, but there is no consultation with the stakeholders,” he added.

Chairman ABAD urged the government to consult the stakeholders for economic stability, saying that if businesses cannot progress, where will the tax come from? “How will the government cover the shortfall. Today projects have become more expensive due to rising cost price,” he added.

In response to a question regarding the target for imports and exports in the next fiscal year, Mohsin Sheikhani noted that the export target in the budget is Rs35 billion while the import target is Rs70 billion, which is double. “Until this trade deficit is eliminated, problems will persist,” he added.

Business leader Arif Habib said that increase in interest rate will always be a challenge for the construction industry. “Rising inflation has affected every sector. Problems have increased for those who had booked before the rise in prices,” he added.