Budget 2023-24: LCCI invites budget proposals from chambers, associations, varsities

Lahore:  The Lahore Chamber of Commerce and Industry on Friday invited budget proposals from all the chambers of commerce and industry, trade and industrial associations to prepare joint federal budget proposals 2023-24.

President of the Lahore Chamber of Commerce and Industry Kashif Anwar said that Pakistan’s economy is suffering as a result of unstable rupee-dollar exchange rate, constantly rising business costs, inflation, high-interest rate etc which are causing financial disruptions for almost every individual business.

He said that instead of providing the economy with any relief, the import restrictions have worsened the situation. He said that the Minister of State and Chairman Reforms and Resource Mobilization Committee Ashfaq Tola visited the Lahore Chamber of Commerce and Industry on February 13, 2023. During the meeting, he requested to prepare collective federal budget proposals 2023-24 by taking on board all the trade bodies including chambers and associations.

He said that this would ensure better policy advocacy for the issues constraining the growth of business and economy in a more unified manner.

Meanwhile, Executive Director at the Policy Research Institute of Market Economy (PRIME) gave a detailed and practical presentation and presented a precise document on the Charter of Economy to the President LCCI Kashif Anwar.

The Charter of Economy initial document which was prepared by the LCCI in collaboration with the PRIME includes three sections. The first section is Fundamental Economic Rights and Principles of Economic Policy, the second part mainly focuses on the code of conduct which includes spending restraint, fair taxation, subsidies, budgeting, social protection, free markets & trade, currency and debt, targets and Indicators and private property. The third and last section of the document details the implementation process.

The President LCCI said that this document would be shared with all the stakeholders and the opinions from different professional organizations also.

The LCCI President urged all the chambers and trade & industrial associations and universities to share their proposals pertaining to federal budget 2023-24 with LCCI at the earliest.

Earlier, the LCCI President Kashif Anwar thanked Ameer Jamat-e-Islami, Pakistan, Siraj-ul-Haq for a positive response to the LCCI call for Charter of Economy.