'Pakistan's Budget Package of Development, Relief'
By Mona Aziz 'Pakistan Times' Special Correspondent

LAHORE: Federal Budget for the year 2006-07 is an unprecedented package of development and relief which includes subsidies for common man and concessions for industrial and agriculture sectors.

Advisor to the Prime Minister on Finance Dr Salman Shah said this while speaking at a post-budget seminar on ` a step towards welfare state' organized by Pakistan Institute of National Affairs (PINA) here on Sunday.

Former Vice Chancellor Punjab University Dr Rafique Ahmed, Dr Shahid Hassan Siddiqui, Dr A.R Kamal, Altaf Hassan Qureshi, Shah Nawaz Mahmood, Haroon Musa, Hamid Malhi, Akbar Sheikh, Dr Mehar Saeed, Dur-a Shah Nawaz, PPP Leader Naveed Choudhary, Ch.Zaka Ashraf and number of people from different walks of life attended the semianr to discuss pros and cons of the budget.

The budget has been planned as part of long term vision of the government to strengthen agriculture and industrial base of the country, increase literacy rate, create more employment opportunities and lay solid foundation to strengthen all pillars of the society, the advisor said.

He said that budget has focused common man and it is prepared keeping in view the ground realities.

The emphasised upon the need to increase investment to Gross Domestic Production (GDP) ratio and also tax to GDP ratio for sustainable economic growth in the country.

He said that tax to GDP ratio in Pakistan is lowest in the world adding in the budget tax has been imposed on real estate business, foreign tours, bank services and other such sectors to expand tax-net.

He said that common man will not be affected due to consumption oriented taxation because it effects those segments of the society which have high level of consumption.

A competition authority is being constituted to create a competitive environment for growth of industrial and business sectors, he said.

The authority will have powers to impose penalties and remove barriers in way of non-performing units.

He said that competition in banking sector would ultimately result in cutting mark up rates and the business and industrial sector will take benefit from it.

He said that consistency and stability of economic policies could lead the country towards economic progress and remove poverty and solve other economic issues facing the country.●