Businessmen term new budget bad omen for industrialisation, people

Business leaders have dubbed federal budget FY20 as unfriendly for businesses and masses both, and said it would adversely impact industrialization in the country and trigger mass protests. Former President KCCI and Chairman BMG Siraj Kassem Teli said that the PKR 5.55Tn tax collection target for FBR is over-ambitious. On one hand the PM claimed the budget would not affect the common man, while on the other hand taxes have been imposed on sugar, cement, edible oil, steel, CNG etc. All these things are consumed by the common man, Teli said. With these increases in taxes, rise in inflation would go beyond control. Teli feared that the massive increase in prices would compel masses, including public and industry to come out against the govt. KCCI President Junaid Makda termed the budget IMF dictation. He said the budget speech is not a true reflection of actual measures taken by the govt. It would appear gradually and people would realise its intensity and harshness.