Forum for setting up export warehouses.

LAHORE -- Pakistan Business Forum (PBF) has asked the government to take effective economic measures including encouraging business activities in the upcoming federal budget, with a flavour of austerity across the board in the public sector.

Sharing the forum's budget proposals with The Express Tribune, PBF President Mian M Usman Zulfiqar underlined the need for establishing export warehouses in border areas to uplift trade with neighbouring countries, and incorporating agriculture and service sectors into the tax net.

To increase gross domestic product (GDP) growth to 6% in the next fiscal year, budget-makers should reduce tax rates to widen the tax base and curtail the parallel economy, which would provide competitive edge to Pakistani products in global markets, he said.

Over the last three decades, he pointed out, it was only thrice when the economy grew by more than 5%, adding that by realising the full potential of information technology, industrial production could be increased.

'Digital finance potential of Pakistan could be $36 billion in the next four years, giving a 7% boost to GDP and generating four million new jobs,' he projected. The PBF president was of the view that Pakistan had made no efforts to adjust to the changing world business patterns.

'If the country wants to have...