Rana Tanveer Hussain, while addressing the “Joint Federal Budget Consultative Session

Federal Minister for Industry and Production, Rana Tanveer Hussain, while addressing the “Joint Federal Budget Consultative Session Financial Year 2024-25” organized by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Small and Medium Enterprises Development Authority (SMEDA), said that they are working on an industrial policy in the budget and seeking input from the business community. The current government is focusing on economic revival. Industrialization should be promoted, and profit-making is the right of the businessmen.
Industrialists should also make efforts to increase exports. They further said that the SME sector is very important. The Ministry of Industry and Production’s job is to facilitate the business community. They are working on skilled labor for industry, which is in high demand abroad. They said that power theft should be eliminated.
There is a need to change the tax culture. Tax management should be done, and everyone should pay their share.
FPCCI’s Senior Vice President Saqib Fayyaz Magoon, Regional Chairman Zaki Aijaz, and Vice President Qura-tul-Ain said that tax rates, tariffs, and para-tariffs should be reduced at all levels. We should move forward in harmony for tax collection. The prices of energy for industry should be reconsidered, as the cost of doing business in the country is increasing, which is causing a decrease in exports.
Zaki Aijaz further said that the electricity price for SMEs should be fixed at 9 cents, and gas prices should also be reduced. Cross-subsidies should be eliminated. Solar panels should be given a 5% markup for the promotion of SMEs. Special economic zones should be established for SMEs and cottage industries.
They further said that cottage industry and SMEs can also increase revenue and promote the economy. In this regard, public-private partnerships should be encouraged. SMEs should be given land on lease or a five-year easy installment plan should be made.
Zaki Aijaz said that Quaid-e-Azam Business Park should be given a suitable route. The markup for SMEs should be a single digit. To increase exports, product-wise attention should be focused at the district level. Federal Secretary of the Ministry of Industry and Production, Waseem Ajmal Chaudhry, CEO of SMEDA, Muhammad Asad Islam Mahani, and a large number of business community members participated in the ceremony.