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Here’s what you need to know about PM’s construction package

SAMAA | - Posted: Apr 4, 2020 | Last Updated: 4 months ago
SAMAA |
Posted: Apr 4, 2020 | Last Updated: 4 months ago

Prime Minister Imran Khan gave the construction sector industry status recently and announced subsidies and funds to empower it. SAMAA TV anchor Barrister Ehtesham Amir-ud-din breaks down the PM’s package for the construction industry and talks about the flip side of it. He asks how people who can’t afford food will afford houses. Watch this video to learn more.

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One Comment

  1. Mohammad Urooj Mirza  April 4, 2020 11:53 pm/ Reply

    Since last night I am listening to the biggest and the best incentive package announced by the Prime Minister to the construction industry. Does that mean that most of the investors who halted their investment since couple of years will now be happy to invest it again after this incentive package?

    Well, for this we have to go back to the past when the government’s position on real estate was that black money being parked in it and in order to curb that black money, the government tightened the screws. After that many investors pulled out from the market causing a big dent to this industry as well as to several allied industries associated with real estate and construction and obviously a great dent to the Pakistani economy in terms of loss of various direct and indirect taxes, and not to forget causing severe unemployment for the B, C and D socio-economic classes.

    Now after this deadly Coronavirus pandemic and the repercussions to the economy, the Prime Minister allowed the free flow of construction business to thrive and giving it a status of “industry” which will definitely open doors to employment, tax revenue collection, etc. which means that economically Pakistan will see growth in various sectors, hence there will be prosperity in the country.

    But there is another perspective to it, as the PM said that whosoever will be investing this year will not be asked about the source of income. So is there any assurance by the government that those investing once again in this industry will never be questioned by FBR or NAB or any other institution about the source of income? Because if we look at the past experiences then there is trust deficit and people does not have confidence in the government because of its credibility issues as they keep on changing their decisions too often or forgetting what was promised earlier. Because what people think about this is, after couple of years when the world affairs will become normal from the effects of the pandemic, this order will be reversed by the government and people will be asked “OK, come-up with all sorts of black and white documents and show us the proof of income.” So is there any guarantee that the government will safeguard the interest of the investors and further strengthen their trust? I doubt, because I think that investor’s trust is not shaken but jolted by the promises from government? And I think that until this is being clearly sorted out, I guess the investor’s will be hesitant as it has jolted the trust of people many times. We have seen it recently how NAB or other institutions have asked innocent people or maybe even the crooks to come up with all sorts of documentation and sources of income of last 3-4 decades even though many went through various amnesty schemes.

    So first of all the government has to show that they will not reverse their decision come what may and also point to be noted is that the real estate business complements the construction industry therefore, they too have to be taken into confidence with assurances and guarantees by the government because unless both are being given assurances one industry cannot operate on its own.

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