He said that growth rate would be over five percent while the budget deficit would be below five percent which would be materialised through broadening of tax net and reducing unnecessary expenditures.
Talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch, he said that government is serious about reforms so that it can augment income to be used for development.
Sheikh, who is also former president of KCCI, said that tax collection target has been set at 2.8 trillion which would be realised to reduce dependence on loans and grants.
He informed that SRO culture would be abolished in the upcoming budget while subsidy on electricity would be reduced and inflation would be kept below 8 per cent.Government is to allocate over Rs 500 billion with a focus on improving road network and connectivity.
At the occasion, Dr. Murtaza Mughal said that government should improve direct taxation as indirect taxes hurt the vulnerable. He said that exchange rate stability would be a test and erosion in the value of rupee would hurt tens of millions of people.
Dr. Mughal demanded reforms in the FBR as tax-to-GDP ratio of Pakistan remained far below than that of countries like Bangladesh and Sri Lanka.