Liberalised trade with India to destroy local industry, agriculture
January 04, 2013
Friday – Islamabad—A transparent tax amnesty scheme will help authorities broaden tax-to GDP ratio and raise funds while it will give a new boost to our rusting economy, a business leader said Thursday.
FBR’s scheme can yield Rs100 billion which makes it key to overcome expected revenue shortfall and meet tax collection target, said Munawar Mughal, former president Islamabad Chamber of Commerce and Industry.
Talking to Dr. Murtaza Mughal, President Pakistan Economy Watch and Mr. Baig Raj, President of the Punjab Forum, he said that liberalised trade with India will destroy local industry and agriculture at a time when energy shortages have left almost every business uncompetitive.
Policymakers should give a second thought to granting MFN status to India as some 25 per cent of the textile industry has already relocated overseas which will be accelerated, he stressed.
Munawar Mughal, who is also the former chairman Founder Group said that closure of CNG will sink investments amounting to Rs 400 billion while it be push up the oil import bill, transportation costs, inflation and environmental pollution.