Islamabad: The Attock Chamber of Commerce and Industry (ACCI) on Sunday said a popular budget can be devastating for the economy.
Government should not compromise economic considerations for the sake of a popular budget in the election year, it said.
Talking to business community, Tariq Mehmood, President ACCI said that the last budget of the present government should not be disappointing for the business community.
Budget should not be taken as a trick to charm voters at a time when revenues and reserves are coming down and foreign inflows have become highly uncertain, he said.
Tariq Mehmood, who is also Chairman FPCCI Standing Committee on Health, and Director Pak-UK Business Council, said that government should take bold steps to boost its income to avoid any crisis.
Government should take steps to contain massive evasion and bring influential sectors in the tax net, he demanded.
The business leader warned that non-serious attitude can accelerate closure and shifting of industrial units, contraction of economy, flight of capital, stalled investment and increased disappointed among the business community, he said.
How can we lure foreign investment when the political policies have transformed Pakistan into a high-risk country where local investors would feel unsafe invest, he asked.
The record decline in production and exports after losing capacity to compete in the international market should be taken as a wakeup call.
Tariq demanded government should try to contain inflation, reduce borrowing and make credit inexpensive.
The next year also prove devastating for economy, especially agriculture, pharma and other sectors after cheap Indian farm produce and other items would flood Pakistani market, he warned.