Why does Pakistan have a casino economy? What are the ways to incentivize the younger generation? Join the Founder & CEO of East River as he discovers the answers to these with Dr. Kaiser Bengali in the Budget Series of #DigiTales by East River.
#Budget2021 #EastRiver
The future of Pakistan’s economy is hugely uncertain, and companies are making it worse by doing illicit trading. Will Pakistan’s new budget have any positive impact on the economy? Faizan Syed talked with Dr. Kaiser Bengali about resilience and the way forward of Pakistan’s economy.
NOTES:
Pakistan’s economy is going through a cash flow problem (2:00)
Pakistan’s export is stuck at the $24 billion benchmarks (4:10)
Is tax collection or tax structure the main cause for the decline in Pakistan’s economy? (5:19)
Pakistan has adopted a casino economy and undermined productive economy (9:22)
Pakistani’s buying behavior is favoring other countries economy more than their own economy (13:19)
Illicit trading of cigarettes is costing us $70 Billion (15:08)
Ways to incentivize young generation to plant industry in Pakistan, start a career in entrepreneurship rather than focusing on casino economy. (31:40)
QUOTES:
"For 40 years we haven't invested in infrastructure which has affected our economy. Which has cost our education, source of income, import and export" (3:55)
"Pakistan only collect 4 trillion tax every year and only a few sectors support these taxes. 70% tax is collected from industry, 28% from services and 2% from agriculture” (4:50)
“After 1977 we started investing in illegal trades rather than investing in county’s projects” (6:51)
“Government should focus on curbing down tax evasion and hold people accountable rather than increasing tax every year” (19:51)
"In Pakistan rate of return is more in the stock market, property market, and commodity market" (33:08)
"When profit rate will decrease in a casino economy, tax decreases and profit rate increase in the industry then automatically money will flow in manufacturing" (35:32)
“Reduce GST on goods to 5% and non-developmental expenditure by 20% which equals Rs: 1 trillion. Through this we will be able to sustain our economy and manage our budget.” (40:57)
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28 сен 2024
