‘Mini-budget’ to bring new wave of inflation in country

‘Mini-budget’ to bring new wave of inflation in country

F.P. Report

PESHAWAR: President, Sarhad Chamber of Commerce and Industry (SCCI) Hasnain Khurshid Ahmad out-rightly rejected the proposed Mini-budget, terming the taxation measures worth Rs343billion through Finance (Supplementary) Bill 2021, will unleash a new inflation wave in the country.
He called the tabling of Finance (Supplementary) Bill 2021 in the lower house of the parliament a reflection of the incumbent government’s inconsistent and feeble economic policies, saying that the move would directly affect unprivileged and poor segments of the society.
When attention would be paid to enhance imports and decrease exports, how can be overcome with increasing trade deficit, SCCI chief asked while giving reaction on yesterday’s presentation of proposed Mini-Budget by Federal Minister for Finance Shaukat Tarin at floor of the National Assembly, according to a statement issued here on Friday.
Hasnain Khurshid said the government’s stance over withdrawing of tax exemptions worth Rs343billion that the step wasn’t beneficial for the poor people, which he termed a complete ridiculous and incomprehensible.
The chamber president asked the government to review imposition of taxes on food items and prevent poor masses from further hit from ‘tsunami’ of price-hike. He demanded the authorities concerned to take serious steps for economic autonomy, improvement in exports against imports and control over the increasing trade deficit.
Mr Khurshid criticised the proposed Mini-budget as a consequence of flawed economic policies of the incumbent government.
He expressed fear that that prices would be further surged up after imposition of taxes on baby milk, packed milk, raw materials of medicines, chicken, eggs, meat, cheese, butter, cooking oil, dairy products, confectionery items, match, agriculture tools/instrumentals and other that would further multiple miseries of the inflation-hit masses as such food items went completely out of the purchasing power of the common man.
The SCCI chief urged the government to abstain from pushing the country’s economy toward the brink of a complete collapse.
Furthermore, he emphasized that legislation should be made for autonomous economic policies, people-friendly measures and provision of relief to the business community instead of elevating miseries of poor masses by presentation of Mini-budget.
The SCCI chief urged the government to review imposition of taxes on eatable items and withdraw them to give a sign of relief to poor masses.

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