PM directs to take inclusive measures for promotion of investment
Around Rs8 trillion national budget to be presented today
Prime Minister Imran Khan has directed all the federal ministries and provincial governments to take steps for the promotion of investment in the country.
Chairing a meeting in Islamabad on Thursday, he said the targets set for the investment should be timely achieved.
The Prime Minister said the investors should be extended facilities to do business. He said the country is heading towards stability and investment is an important component to sustain and further accelerate the economic growth.
The Secretary Board of Investment apprised the meeting about the steps taken to remove obstacles in the way of investment and business in the country.
The Prime Minister also directed all the federal ministries and provincial governments to take measures for the promotion of investment and ensure the timely realization of the set targets in that regard.
Advisor to PM Dr. Moeed Yusuf, Special Assistant to PM Dr. Shehbaz Gill, Secretaries of the relevant ministries, Chairman National Electric Power Regulatory Authority (NEPRA) and senior officers were present in the meeting which was also attended by Chief Secretaries of four provinces through video-link.
Secretary Board of Investment (BOI) briefed the meeting about all those measures which have been taken to remove hurdles in the way of trade and investment.
The meeting was told that the measures included amendments in laws, ease in tax collection system, making system of getting No Objection Certificates (NOCs) from other departments easy and changes in unnecessary and old procedures.
Pakistan Tehreek-e-Insaf government is going to present its third budget for the fiscal year 2021-22, with an estimated outlay of around Rs8 trillion, on June 11 (Friday).
The National Assembly is already in session where the budget for the fiscal year 2021-22 would be presented, official sources said.
Like last year, the budget for the upcoming year has been formulated considering the impact of COVID-19 on the people and businesses of the country, hence mitigating people’s sufferings, reforming agriculture sector, promoting industry and businesses would be the main focus of the document, source said.
“The government of Pakistan is firmly committed to presenting a pro-people, business-friendly and growth-oriented Federal Budget FY 2021-22. The government will pursue an all-inclusive, sustained and robust economic growth through short, medium and long-term economic planning,” official sources said.
In addition to fiscal management, revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditures; boosting exports besides job creation and people friendly policies for the socioeconomic prosperity of the country would feature in the budget.
It would also focus on social sector development besides introducing reforms for improving governance and boosting private sector for investment.
On the revenue side, though no new taxes would be introduced, the government would introduce measures for bringing improvements in the system of tax collection, broadening the tax base, and facilitation to tax payers, sources said arguing that a strong revenue generation will play a crucial role in achieving the targets for economic growth.
The government is likely to set the revenue collection target at Rs5.8 trillion for the fiscal year 2021-22.
The budget is being prepared in close coordination between all departments and ministries involved in budget related events.
Meanwhile, Finance Minister, Shaukat Tarin Thursday launched Pakistan Economic Survey (2020-21), which highlighted that the country’s economy was on growth path and witnessed 3.8 percent growth despite negative impacts of Coronavirus pandemic, which had hit hard the world economies.
On the other hand, Hunarmand Pakistan kicks off TEVT sector transformation. The initiative of the Prime Minister’s Kamyab Jawan Programme will serve as a catalyst to transform the Technical and Vocational Education and Training (TVET) system which is crucial to bring the skill-set at par with the international standards.
As many as 14 areas of interventions were introduced under the programme, aimed at equipping youth with modern and traditional skills through reformed TEVT sector, said the Economic Survey 2020-21 launched by Minister for Finance and Revenue Shaukat Tarin in a news conference on Thursday.
The survey was launched to highlight the economic achievements of the present government from July to March of the fiscal year 2021.
It said transformation of the sector would increasingly attract other stakeholders including the provincial governments, industry, private sector and the donors to contribute their share in bringing Pakistani TVET sector at par with international standards.