LCCI chief terms Budget FY13 as pro-industry

LAHORE: President Lahore Chamber of Commerce & Industry (LCCI), Irfan Shaikh, Friday hailed the Budget 2012-13 as industry-friendly, Geo News reported.

He was talking to a press conference here in Lahore after the presentation of Budget 2012-13 speech.

“For the first time ever a budget has been presented which is going to bring about a boom in the manufacturing sector”, the LCCI chief said.

He analyzed that a reduction in customs, excise duties, and turnover tax would let some air out of ballooning inflation rate.

In the same breath he also said that there must have been some clear announcement regarding the circular debt, which was one of the biggest causes of loadshedding.

He also voiced concern over government’s shying away from announcing mega hydel projects.

“It was disappointing to note that no allocations were made for big dams in the FY13 budget”, Shaikh said.