Rationalizing POL, power prices to strengthen economy: Iftikhar Ali Malik

 

Lahore: President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik Tuesday hailing the reduction in petroleum prices and electricity tariff said it will strengthen national economy besides boosting exports.
Talking to a delegation of traders led by Usama Bin Nadeem he said that lowering the prices of petrol and diesel by rupees 10 per litre and Rs 5 relief per unit in electricity tariff will help Industrial sector to accelerate the economic growth and bring down cost of production which he added a key factor competing neighbouring countries
in global markets. Lauding the Prime Minister Imran Khan’s epoch making decision of freezing the prices of petroleum products and electricity till next annual budget he said it will have far reaching positive impact on national economy and control the inflation.He said oil prices directly affects the prices of goods made with petroleum products.
He said it’s also very prudent decision for the restoration of sick industries by offering relief in tax benefits and revival will contribute significantly towards economic growth.He said 100 💯 percent tax exemption for both companies and freelancers is a right step in right direction while 10O percent exemption for capital gain tax for investment in IT and starts up will promote IT sector in Pakistan.
Iftikhar Ali Malik said five years tax holiday will attract foreign investment in joint ventures with 10O percent foreign exchange exemption.He said grant of plenty of loans on easy terms and conditions to youth and farmers will provide ample jobs opportunities through self employment.
About Kamyab Pakistan program,he said huge amount of Rs 407 billion subsidised loans will be advanced during the next couple of years in addition to easy loans for construction of low cost houses across the country.
Usama Bin Nadeem a foreign qualified young entrepreneur said it’s remarkable decision of Prime Minister to allocate rupees 38 billion for disbursement of 2.6 million scholarships throughout the country on merit which he added will provide chances to bright students to pursue higher studies.He said award of Rs 30000 monthly stipend to each jobless graduate under internship scheme will provide sense of responsibility among youths.