Lahore: Another Bangladesh is in the offing if economy of Pakistan is not set on right track. The NAB should be abolished as and people are being insulted for nothing and it should be abolished at once to revive the economy. In order to revive the economy, one has to get out of the blame game and adopt one-point economic thinking.
Nishat Group Chairman Mian Mansha expressed these words while taking to businessmen at the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday.
Mansha said that the incumbent government is all time bigger in size which is a big drain on the national resources. The government should be cut to size to reduce pressure on the country’s resources, he added.
“We need to come to terms with our neighbours cannot do without the patch up with the neighbouring countries.
There is no permanent enmy and there talks about that within the next two to three years Narindra Modi may come to Pakistan.thete is a need to work on regional trade by reconciling with neighboring countries. The world fought two great wars, Europe fought a great war, and finally peace prevaled. India has many advantages and technologies and Pakistan has also made developments in many walks of the life and both the countries should come together for the welfare of the people ensuring peace and prosperity,” he went on saying.
Talking about privitisation, he said that National Bank of Pakistan (NBP), Bank of Punjab (BoP) and other government entities including airports should be privitised as that should not be the business of the government.
Run private trains to a company to privatize railway tracks, he said, adding that Railways, PIA, privatize airports, institutions will get better soon.
Incompetence is a bigger problem than the corruption while bureaucracy needs a complete overhauling.
Talking about tax rate of the country, he there is a need to reduce tax rate by 50 percent to enhance tax base.
The biggest impediment in the way of foreign investment is the eve highest rate of tax in the region which is ’51 percent’.
As you reduce the rate of tax more the people would like to come into the tax net due the lowest tax rate, he said adding that the tax rate in India is not more than 20 percent. The appropriate rate of tax should not be more than 15 to 20 percent.
