Islamabad : Former President ICCI Shahid Rasheed Butt on Monday lauded the decision of the Prime Minister Imran Khan to extend construction amnesty scheme terming it a New Year’s gift for this important industry.

The decision will trigger economic activity, provide jobs to millions and help offset the impact of coronavirus on the economy to some extent, he said.

Shahid Rasheed Butt said that rising prices of steel bars, cement, paint, wires etc. is a threat to the construction sector which should be tackled without delay.

He said that some builders and developers are misusing this scheme for their personal benefit which should be noticed.

The business leader noted that the move of the PM is widely hailed as it has generated positive results. Trillions of rupees of investments are coming to the construction sector while many stalled large projects in the private sector have been restarted.

However, he said, continued hike in the cost of construction has become a matter of concern for which taxes should be reduced on imported and locally made material.

Some builders are exploiting this scheme to whiten their black money by indulging in the sale and purchase of plots while avoiding construction activity which should be noticed and such elements must be penalised, he demanded.

Butt said that the scheme should be made transparent so that massive investment could be attracted for which the FBR and SBP should upload all the data on their websites, banks should be asked to increase lending by two percent to seven percent, the land record should be improved and computerised and other required actions should be taken without delay.