He said that industrial sector is the single largest employment provider of the country but it is suffering many issues. He mentioned that increased cost of production, Tax and duties, expensive energy and raw material and underdeveloped industrial infrastructure causing slow growth of industry. He said that according to reports rate of industrial growth was reach only 5 percent during current fiscal year, which has been 5.8 percent during last financial year. He said that manufacturing could not achieve the growth target which was set to modest ratio of 6.1 percent for the year and only can reach to 5.8 percent.
Naqi said that in large scale sector, growth target wasn't achieved. He alerted that until government wouldn't take measures to cut down production cost, process of industrialisation cannot be up to the mark. He said that tax collection machinery only focuses on already register tax payers instead of taking measure to expand tax net. "For growth in industrial sector and exports smuggling of finished products, raw materials should be curbed. Import of industry related items should be duty free or levied with lower ratios," he suggested. He urged to adopt measures to promote investment opportunity in industrial sector. He expressed hope that it is expected that suggestions of business community would be accommodated in upcoming national budget.
Copyright Business Recorder, 2017