The Department of Economics at Lahore College for Women University organized a post-Budget 2023-24 Debate, bringing together experts and stakeholders from various sectors. The event aimed to discuss and analyze the implications of the recently announced budget, with a focus on economic development and stability.
The discussions highlighted the pressing need to support overseas Pakistanis, curb wheat smuggling to reduce the food import bill, encourage agricultural & industrial growth, and provide amnesty to investors. These suggestions are expected to contribute significantly to the formulation of effective economic policies and strategies for the future.
In her address, Vice Chancellor Professor Dr. Bushra Mirza emphasized the importance of broadening the tax net and leveraging the country's natural resources for economic independence. She also highlighted the potential of tourism in promoting economic stability. Dr. Mirza added that the Economic Coordination Committee would prove to be an effective forum for resolving outstanding economic issues in Pakistan.
Shahid Zia Cheema, Chief of the Growth and Employment Planning Commission, stated that 58 percent of the budget goes to provinces, indicating that the federal government has fewer resources. He mentioned that short-term and long-term initiatives have been taken to address this disparity.
Chaudhry Zafar Mehmood, Vice President of the Lahore Chamber of Commerce, shared his insights and advocated for the government to develop self-sufficiency in energy production, avoiding reliance on third parties. He also suggested exploring project-based funding from the International Monetary Fund (IMF) and highlighted the lack of policy consistency in Pakistan.
Mirza Munawar Hussain, an expert in taxation, mentioned that the mismanagement contributes to a 20 to 25 percent increase in inflation. He also noted the absence of the role of financial institutions in the budget-making process in Pakistan.
During the engaging debate, Professor Dr. Mohammad Afzal, Dean Faculty of Arts and Social Sciences at LCWU, emphasized the need for a youth skills development policy, highlighting that LCWU is already practicing it.
Senior journalist Salman Abid highlighted the government's neglect of the small and medium-sized enterprises (SME) sector in the budget, proposing comprehensive economic solutions.
The discussions underscored the pressing need to support overseas Pakistanis, curb wheat smuggling to reduce the food import bill, encourage agricultural and industrial growth, and provide amnesty to investors. These suggestions are expected to significantly contribute to the formulation of effective economic policies and strategies for the future.
Other notable participants in the debate included Professor Naeem Masood, a senior analyst, Najam Wali Khan, a senior journalist, and Dr. Ijaz Ahmed Sindhu and Dr. Samia Nasreen.
