Multan:Syed Muhammad Asim Shah Chairman All Pakistan Bedsheet and Upholstery Manufacturers Association (APBUMA) while expressing his opinion on the federal budget 2023-24 said that in the prevailing situation the budget proposals is very balanced and it will promote economic stability in the country. Chairman APBUMA said that SMEs are an integral part of the country's economy and special attention was given to small and medium businesses for sustainable development. He said that in the budget 2023-24, provision of new loans to SMEs, increasing the turnover limit for tax incentives from 25 to 80 crores, reduction of tax on income from loans to encourage banks and many other announcements were made. which are not only encouraging but will also lead to the recovery of small and medium scale businesses. Syed Muhammad Asim Shah said that promotion of export industry is very important for sustainable economic stability. The textile sector welcomes the proposed measures to promote exports. He said that the establishment of Export Council of Pakistan has been announced, in which the representation of all stakeholders under the leadership of the Prime Minister will be ensured. He expressed hope that the SMEs sector in particular would be represented in this council so that the sector, which had been neglected for many years, could be included in policy making. Apart from this, the abolition of the regulatory duty on the synthetic filament yarn produced at the country level for the textile industry was also considered a positive step. which will not only earn valuable foreign exchange for the country but also provide employment to thousands of youths. The measures proposed to encourage overseas Pakistanis are also commendable. Their confidence will be boosted. Chairman APBUMA said that alternative sources of energy are the need of the hour to overcome the energy crisis in the country and thousands of people in our industry are interested in industrial solar energy. In this regard, the government's exemption of import duty on the raw materials of solar panels and inverters will significantly reduce the cost of solar energy and boost the industry at the country level. He described the federal budget 2023-24 as a welcome overall. And expressed hope that the government will solve the problems faced by the export sector, especially the sales tax refunds, on a priority basis.
