ISLAMABAD: Finance Minister Muhammad Aurangzeb asserted on Monday that the private sector should take the lead in Pakistan’s economic growth, emphasizing that the government’s role should not extend to business operations. Addressing the Senate, Aurangzeb highlighted the importance of macroeconomic stability as essential for growth.
“The government has no business being in business; it is imperative that the private sector leads the country,” Aurangzeb stated. He outlined plans for fiscal discipline, including increasing revenue and reducing expenditures, to enhance the government’s capacity to support private sector growth.
Aurangzeb also discussed the increased budget for the IT sector, intended to bolster the broader ecosystem and support freelancers and exporters. He advocated for transforming the Federal Board of Revenue (FBR) using a People, Process, Technology (PPT) model to ensure tax authority integrity and simplify processes.
Reflecting on his private sector experience, Aurangzeb criticized the current taxation process, stating that if a salaried individual needs tax advice and consultation, there is a systemic issue that needs addressing.
