Karachi: The Union of Small and Medium Enterprises (UNISAME) has invited the attention of the federal finance minister Ishaq Dar to serious shortcomings in economy wherein the rich are becoming richer and the poor poorer and urged him to take measures to correct the inequalities on priority.
President UNISAME Zulfikar Thaver said the majority is ruled by the minority who are rich and greedy and have their wealth in foreign lands and since the Pakistani rupee is being devalued every single day their wealth is increasing every day and those rich families who have money in Pakistan are multiplying their wealth by purchasing the US dollar and increasing their wealth without paying any income tax.
The rupee is becoming smaller every day and the common man and small businessmen are finding it very difficult to survive in the meagre income.
Excusing himself for speaking the facts he said there is no opposition they are all friendly, the political leaders are kleptomaniacs and this is not democracy this is Kleptocracy where the government is by those who seek chiefly status and personal gain at the expense of the governed and this needs to be corrected otherwise he warned the government of tough times and massive protest.
He said in democracy the majority is represented in the assemblies but here the minority the feudal lords and the big industrialist occupy seats in the parliament and form the ruling coalition and promote their interest only.
He pointed out that due to daily inflation the hoarders are purchasing commodities and are benefiting from the daily price increase and if due to manipulation the prices are lowered for a short period it is only to enable them to purchase fresh stocks for hoarding.
He lamented that the streets, bridges and structures are built at exaggerated cost and huge amount of money is siphoned out from the treasuries, the banks are parking all their money with the government and the government is spending it lavishly and are not prepared to reduce their expenses. The banks need to be directed to finance the private sector and shift their investment portfolio to the entrepreneurs.
He advised the finance minister to examine the situation in its true perspective and take measures to reduce the burden on the common man.
He reiterated that the government should provide petrol, utilities, medicines and kitchen items at subsidized rates to the lower income group and to cover this subsidy, impose tax on agricultural income but enhance the tax exemption limit to rupees half a million per annum for all.
The import duty on luxury goods should be increased substantially and the exchange rate for import of raw material and packing material be lowered and for exports at the prevalent rate to promote exports.
The SMEs should be facilitated and the SME policy be implemented in letter and spirit wherein access to finance, insurance and leasing are ensured to enable them to join the mainstream and modernize their units.
All remittances and transfers abroad be checked for flee of capital as the money exchange companies are transferring huge amounts everyday through different modes. The dollar is become a parallel currency and unlicensed financers are lending money in rupees but are demanding return payment at the exchange rate of the dollar.
The union chief has called upon the FM to be firm and take necessary action to save the economy from becoming weak and dependent.