Muhammad Saleem

The ambitious ‘Uraan Pakistan’ programme aims to double the country’s exports to $60 billion by 2028, but the government has yet to take any practical step to achieve the goal, business leaders said.

Rehan Naseem, President of Faisalabad Chamber of Commerce and Industry (FCCI), complained that like previous ones, this budget was also prepared after consulting only a select group, rather than engaging all relevant stakeholders.

Speaking to WealthPK, he said that industrialists and exporters from Faisalabad had held meetings with Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb, and were hopeful that the budget would include measures to revive the industry and boost production.

He said entrepreneurs also expected that the government would announce a reduction in electricity prices and interest rates, along with a commitment to policy continuity. However, he said that the budget announcement did not include any such initiatives.

Naseem said that it is imperative for the government to take practical measures to make the ‘Uraan Pakistan’ initiative a success. However, he expressed disappointment that no incentives have been announced under this programme to increase exports to $60 billion. Without a special package, he added, it would be difficult for entrepreneurs to achieve the set export targets.

The Faisalabad chamber president said that exporters need affordable and smooth supplies of electricity and gas. He noted that when exports increase, other industries are also activated, as exporters need multiple products to prepare goods for shipment abroad. 

Talking about the construction sector, Naseem said that Pakistan faces a shortage of 15 million housing units. He said that it has been proposed to the government that houses valued between Rs10 million and Rs15 million should be exempted from all types of taxes to make housing more accessible for the public.

The FCCI president appreciated the reduction in tax rates for salaried people and the cut in federal excise duty on the construction sector. He pointed out that the tax collection target has been increased by 18%, but no clear explanation has been given on how this goal will be achieved.

He emphasised the urgent need for serious steps to boost information technology exports and support industrial development.

Shahid Ahmed, a weaving factory owner, told WealthPK that people associated with the weaving sector were hopeful the government would provide them relief in the electricity bills. However, he said it has done the otherwise, and incentives were granted only to the privileged.

He said that the government has only raised hollow slogans to boost exports under the Uraan Pakistan initiative, with no practical steps in sight to meet the targets. Factory owners and workers, he said, are struggling to survive while also trying to strengthen the national economy. Meanwhile, those in power seem more focused on securing perks and privileges, he claimed.

Ahmed stressed that the textile sector cannot progress without the agricultural sector, which provides the much-needed cotton crop. Expressing disappointment, he said no significant or extraordinary measures have been announced for the agriculture or export sectors.

“If we truly want to put Pakistan on the path of sustainable prosperity and free ourselves from the IMF and foreign loans, then we must focus on developing those sectors that can become a source of income for the country. Our resources should be invested in sectors that not only generate revenue for Pakistan but also provide employment opportunities to the people,” he said.

Expressing his surprise, he said it is strange that the government is providing benefits to those who already have more than enough wealth. “Just look around —whether it's parliamentarians or bureaucrats — none of them are struggling due to poverty.”

“We should be supporting individuals and institutions that are contributing to economic growth and creating employment opportunities, not those who are already enjoying a life full of luxury and comfort,” he noted.

Credit: INP-WealthPk