Islamabad : Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Wednesday said the business community fully supports initiatives by Finance Minister Shaukat Tarin aimed at rapid economic development.

The decision of the finance minister not to increase power tariff and burden existing taxpayers while increase revenue has gone down very well with the business community and it has increased the confidence which will reflect in economic figures soon, he said.

The finance minister has decided to boost revenue by Rs one trillion without burdening masses and business community so that the overall collection can reach near the IMF’s target of Rs5.9 trillion rupees for which the traders and industrialists will fully cooperate with the government, he added.

Shahid Rasheed Butt said that the government has focused on construction, remittances, agriculture, and exports during the last eleven months, which has generated some economic activity despite the pandemic, but the business community is awaiting more steps in the right direction to trigger growth and provide jobs.

He noted that increased revenue is imperative for reducing government’s dependence on loans, provide cheap credit to the private sector, reduce the size of the undocumented economy, and increase per capita income.

The business leader noted that the government has decided to reduce the role of intermediaries by providing access to farmers that will boost their income and ensure the provision of agricultural products to the masses at reduced rates.

Farmers should be encouraged to sell their products by themselves in the markets without unnecessary involvement of middlemen and some more steps must be taken to overcome distortions in the agriculture market which has resulted in unprecedented inflation, he demanded.

The business leader said that price stability must be first priority as Pakistan was no longer a food surplus but a food deficit country. This has happened as the agriculture sector remained neglected for decades but now the situation should be changed for good.

The masses are pinning high hopes on Tareen to boost the economy and settle the infamous circular debt which has become a threat for the economy, he said.