Industrialization is essential for attaining economic growth: Finance Minister Aurangzeb

Federal Finance Minister Senator Muhammad Aurangzeb stated on Saturday that the digitalization of the economy will enhance transparency, and following stabilization, industrialization is essential for achieving economic growth.

During the ‘Pakistan Economic Growth Conference’ at the Regional Office of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), he stated that assistance will be provided to the construction sector.

The finance minister stated that the nation’s economy is progressing positively and that the private sector must take the lead, guaranteeing that the government will employ all resources to offer maximum support to the business community.

The government is implementing an export-oriented policy, and relief measures for the building sector will be released shortly. He also indicated plans to address the textile sector and is contemplating tax reductions in the property sector.

The federal minister stated that efforts are on in the construction sector, the tax base is being expanded, and the real estate sector is regarded independently from the construction sector. Various industries are interconnected with the construction industry; wherever issues arise, we will address them.

The government is contemplating a reduction in various property sector tax rates, stating, ‘We must evaluate our budget alongside the challenges faced by diverse industries.’

He stated that the government firmly believes in the significant role of the private sector, as Prime Minister Shehbaz Sharif also asserts, that the private sector must take initiative while the government will furnish all resources and facilities within its capacity.

He stated that the business community must critique the government, since constructive criticism is viewed favorably, emphasizing that while recognizing the issues, they should also propose potential solutions.
He stated that the Super Tax has undergone evaluation and that options for facilitating installment payments will be considered.

The government cannot just offer work for the full population of 250 million; so, the private sector must generate additional job opportunities.

He stated that the digitalization of the economy will enhance transparency, boost revenues, result in higher tax contributions from the salaried class, and that relief should be afforded to this demographic.