Karachi, June 04, 2014 (PPI-OT): The Union of Small and medium Enterprises (UNISAME) has welcomed the annual budget 2014-15 and felicitated senator Ishaq Dar federal finance minister (FM) for presenting a pragmatic budget to the parliament for legislation.
President UNISAME Zulfikar Thaver said the FM has accepted all our demands and we are thankful to him for providing institutional support to the sector by funding and proposing the setting up of credit guarantee scheme for farmers, mortgage refinance company, Exim bank, National Food Security Council, Reimbursement of farm loans scheme.
Agricultural credit is being expanded up to Rs 500 billion and funds have been allocated for commodities warehouses and warehouse receipt financing. Incentives are being provided for processing industry for duty and tax free facilities in certain areas. Sales Tax on tractors has been reduced to 10%. Livestock insurance companies are being incorporated and special loans for cattle owners will be provided. It is heartening to note that the Export Development Fund (EDF) will be revisited to restructure it on proper lines.
Thaver appreciated the relief to the textiles sector, the reduction in export refinance rate , long term financing rate by 2%.
UNISAME lauded the FM for deciding to revamp the concept of anti exports bias to make exports competitive, to re organize the National Tariff Commission (NTC) and plans for upgrading the textiles and cotton seeds act for bringing about remarkable changes.
The FM has introduced the fast track refund programme and claims will be refunded within 3 months.
The union chief appreciated the revitalizing of the House Building Financing Corporation (HBFC) and also the promotion of low cost housing scheme.
The other relief for marriage halls, telephones and air freight subsidy was also appreciated by UNISAME finance committee.
Thaver said the budget is balanced, positive and offers institutional support rather than simply giving namesake short term relief.
The FM has made efforts to promote the setting up of institutions for promoting the primary and secondary sectors in scientific manner and deserves best appreciation of the sector leaders. He urged the trade leaders to understand the policy of institutional support first before criticizing the budget.
UNISAME had voiced the concern for the primary sector which is a source of raw material and the backbone of our agricultural economy and is very pleased that the FM gave special attention to agriculture, livestock, food processing and setting up of financial institutions like Exim Bank, Insurance companies and revamping others like EDF, HBFC, and commodity warehousing.
For more information, Contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street,
Phase IV, D.H.A., Karachi, Pakistan
Phones: + 92 35884225 and 6
Cell: + 92 300 8245307 and + 92 321 8245307
Fax: + 92 35380642
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Category: General Business News