Zubair Tufail Raises Concerns Over Economic Policies

President of United Business Group (UBG), Zubair Tufail, has voiced apprehensions regarding the government's adherence to IMF conditions, cautioning about potential adverse effects on the national economy. Tufail emphasized the necessity of equitable treatment across all economic sectors to avert a severe economic downturn. Particularly, he underscored the difficulties encountered by the textile industry and urged the Finance Minister to promptly address the concerns of affected businesses.

After the recent unveiling of the federal budget for the fiscal year 2024-2025, Tufail observed a nationwide escalation in inflation, resulting in price escalations across various commodities. He criticized the budget for imposing a substantial tax burden on businesses, especially exporters, construction firms, and petroleum vendors. Tufail also highlighted the challenges posed by the heightened General Sales Tax on essential IT hardware, potentially impacting the IT sector negatively.

Tufail advocated for the reversal of specific budgetary decisions, such as fixed electricity tariffs and indiscriminate taxes on food items, which have contributed to the surge in prices. He cautioned that the public would bear the brunt of inflation stemming from the budget, with essential goods reaching historically high price levels. Furthermore, Tufail drew attention to the adverse consequences of escalating petroleum prices on industrial output and household expenses, urging a rollback of the price increases.

Zubair Tufail's concerns regarding the government's compliance with IMF conditions and the implications of the recent budget on inflation and business taxation highlight the pressing need for policy adjustments to safeguard the economy and ensure fair treatment across all sectors. Addressing these issues promptly and implementing corrective measures can mitigate the economic challenges faced by businesses and consumers, fostering a more stable and sustainable economic environment.