PM Shehbaz says govt taking steps to document informal economy

ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday told a delegation of leading businessmen and industrialists that the government was preparing measures for the upcoming budget to bring the informal economy into the tax net, according to a statement issued by the Prime Minister’s Office (PMO).

The prime minister met the business leaders to discuss the pace of economic growth and seek their input on the budget. During the meeting, he thanked the business community for supporting the government during what he described as difficult economic conditions and stressed that close cooperation with the private sector was essential for economic expansion.

Addressing the delegation, PM Shehbaz said the country was moving on an export-led growth path and described that approach as central to Pakistan’s economic policy. He also said the government was working on budget measures to provide relief to the public. According to the PMO, he told participants that business-friendly policies had helped stabilise the economy and rebuild the confidence of foreign investors.

The prime minister also outlined the government’s intention to encourage sectors that raise domestic output, expand exports and generate employment. He said further progress in industry, agriculture and information technology would strengthen economic stability and open up new jobs. The PMO added that he also referred to programmes launched for technical and vocational training for young people to improve employment prospects.

Briefing on reforms and infrastructure

According to the PMO, the delegation was briefed on government steps to support business, industry and trade. Participants were informed that reforms were being introduced in tax tribunals to speed up the disposal of tax-related cases, and that appointments to those tribunals had been made through what the statement described as an extremely transparent process.

The delegation was also told that a committee had been constituted for the establishment of special commercial courts. On transport and logistics, the PMO said work was under way on the upgradation of the M-10 Motorway and the development of a paperless freight corridor to improve inland connectivity from Karachi’s ports.

The statement further said the business leaders were informed that the construction of the M-13 Motorway, linking Kharian and Rawalpindi, would reduce the travel distance between Lahore and Islamabad. They were also briefed on the upgradation of the ML-1 and ML-2 railway projects.

On technology and revenue measures, the PMO said participants were told that a National AI Transformation Plan was being developed. The delegation was also informed that the installation of video analytics in the sugar and cement sectors had improved revenue collection.

Business community presents recommendations

According to the PMO, members of the delegation praised the prime minister and his team for diplomatic efforts aimed at restoring peace in the region. The statement said the business leaders expressed confidence in Pakistan’s economic recovery and fiscal management under PM Shehbaz’s leadership and thanked him for putting the economy on what they described as the right course while providing a conducive environment for the business sector.

The PMO said the delegation also welcomed the government’s push for digital payments and a documented economy, and backed steps related to tax reform and ease of doing business. It added that the participants thanked the prime minister for reducing electricity tariffs for industries, abolishing the export development levy and ensuring timely payment of tax refunds.

The statement said the delegation appreciated the government’s decision to consult the business community ahead of the budget and presented recommendations on strengthening the economy and the budget framework. According to the PMO, the participants also offered full cooperation to the government in efforts for economic development and appreciated its focus on industrial growth, higher exports and job creation.

The delegation included Arif Habib, Atif Bajwa, Muhammad Ali Tabba, Musadaq Zulqarnain, Mian Muhammad Mansha and Ziad Bashir, among others. Federal ministers Rana Tanveer Hussain, Azam Nazeer Tarar, Musadik Malik, Ahad Khan Cheema, Ataullah Tarar, Shaza Fatima Khawaja, Ali Pervaiz Malik and Awais Laghari were also present at the meeting.