RAWALPINDI: President of the Rawalpindi Chamber of Commerce and Industry (RCCI) Javed Akhtar Bhatti on Friday termed the federal budget 2012-13 a 'balanced one'.
Addressing a press conference here, the RCCI President said, "The government has announced a business friendly budget despite economic the crunch and a number of domestic and international challenges on different fronts. It is a balanced budget".
He welcomed the allocation of Rs873 billion in the PSDP for various ongoing and new development schemes.
He appreciated the government for announcing 20 percent increase in pay and pension of the government employees.
He said it was a 'welcoming step' that the government had allocated Rs183 billion for the energy sector to steer the country out of prevailing situation.
He said that the power sector should be given more attention to meet the shortfall.
The RCCI President also hailed the government for its palns to impart training to the youngsters, making them useful citizens of the society.
He welcomed the proposal of setting up 2,000 new utility stores and added that the quality of items at these stores should be improved.
He hailed the budget proposal regarding income tax exemption limit up to Rs400,000. Reduction in tax rate on business turnover from 1
to 0.5 percent is a welcoming step, he added.
He also welcomed enhancement of withholding tax ceiling for cash withdrawal from banks from Rs25,000 to Rs.50,000.
"Abolishment of Federal Excise Duty on 10 items will provide relief to the masses," he said.
RCCI Vice President Raja Amir said that the government had announced a "business and people friendly budget".
He said reduction in customs duty from 10 per cent to 5 per cent on 88 raw materials of pharmaceutical industry, which was a good omen, and it would help strengthen the sector.
He said repayment of $ 1.2 billion of loans to the International Monetary Fund indicated that the country's economic position was stable.
He also welcomed reduction of sales tax rate from 17 per cent to 16 per cent. (APP)