The Karachi Chamber of Commerce and Industry (KCCI) on Wednesday voiced strong opposition to the federal budget for the fiscal year 2024-25, presented by the government.
KCCI members expressed concerns that the budget would negatively impact the industry, suggesting it was crafted to satisfy the International Monetary Fund (IMF) rather than support domestic economic growth.
In a statement reflecting their disappointment, KCCI highlighted the budget’s excessively high revenue target, which represents a substantial increase of 48.7 percent.
They argued that this ambitious target would place an undue burden on existing taxpayers, potentially exacerbating inflation and stifling industrial growth. The business community perceives the budget as anti-industry and more aligned with IMF requirements.
During a post-budget press conference, key figures from KCCI, including Chairman Businessmen Group (BMG) Zubair Motiwala, Vice Chairman BMG Haroon Farooki, General Secretary BMG AQ Khalil, and KCCI President Iftikhar Ahmed Sheikh, criticized the budget’s lack of detailed plans for revenue generation and economic revival. The brief budget speech, they noted, failed to provide sufficient information for a comprehensive evaluation of its implications.
KCCI leaders stated that a thorough review of the Finance Bill would be conducted to identify any anomalies. They emphasized that the budget appeared to be exceedingly tough and likely to have a significant impact on all segments of society.
The business community expressed its intention to engage with the Finance Minister to address these issues and seek rectification of the identified anomalies.
Zubair Motiwala and other KCCI representatives expressed hope that the government, under the leadership of Prime Minister Shehbaz Sharif, would take necessary remedial measures to address the concerns of the business community.
They underscored the importance of constructive dialogue to ensure that the budget supports industrial growth and economic stability, rather than hindering it.
As the KCCI prepares for further discussions with government officials, the business community remains apprehensive about the budget’s potential impact on the industry and overall economic health. The chamber’s rejection of the budget underscores the need for a balanced approach that fosters both fiscal responsibility and industrial growth.