KARACHI -Muttahida Qaumi Movement’s (MQM) Parliamentary Leader in the National Assembly Dr Farooq Sattar on Tuesday presented a Rs 4 trillion federal shadow budget for financial year 2013-2014, prepared by MQM’s budget and economy team, says a press release.

The budget is said to have a deficit of Rs 750 billion.

The federal shadow budget was presented by Dr Farooq Sattar in a crowded press conference here at Khursheed Begam Secretariat in Azizabad. On the occasion, member of coordination committee Nasreen Jaleel, member budget committee and deputy parliamentary leader in the National Assembly Rasheed Godil, Member National Assembly Khawaja Suhail Mansoor, ex-member National Assembly Farhat Khan and ex-member Sindh Assembly Abdul Moeed were also present. The journalists were also shown presentation slides and a video documentary to elaborate salient features of the federal shadow budget for the financial year 2013-2014.

As per the budgetary details, there has been an allocation of Rs.250 billion subsidy for energy sector, Rs.250 billion for water and power sector, Rs.400 billion to expedite development of the country, Rs.500 billion for defence while general sales tax (GST) has been suggested to bring down to 10 per cent from existing 16 per cent. The import duty has been kept at 5 per cent, a zero duty for industrial development with an indication of ending petrol levy.

As per the shadow budget, Rs.500 billion would be collected as income tax and 3 million new tax payers would be added in the tax net.

Dr Sattar said MQM was the only opposition party that was presenting the shadow budget before the government was actually going to present the budget. He said MQM presented the shadow budget in last term when MQM was part of the government.

“This shadow budget reflects the economic vision of its founder and leader Altaf Hussain and to fulfill the expectations of people to solve the critical issues of economic destabilization, load-shedding, price-hike, joblessness and poverty,” Sattar said. He said budget deficit had been reduced to half in MQM’s shadow budget. He said basic purpose of the shadow budget to put the economy on fast track of development in accordance with vision of Quaid-e-Azam Mohammad Ali Jinnah.

“We should include the deprived people in the economic process and grant them their right rather than relying on just income resources as it will certainly push the economy on track of development,” he said.

To establish the system of participatory democracy with an effective, independent and powerful system of local body governments and make them the center of economic development and bring an end to terrorism, restore peace, ensure development and health and education facilities for people.

Dr. Sattar also said that the power sector and the issues of load-shedding should be given the top priority to bring progressive changes in industrial and agricultural activities, bring improvement and implement strict discipline in financial and monetary system to end the corruption, improvement of tax system to end the tax theft, bridge the gap between poor and rich by direct tax imposition on the income and profit of big industrialists and feudal-lords and give equal opportunities to a common people for their development. He said MQM had given proposals in its shadow budget that can fasten economic development, invite lucrative foreign investments, ensure economic empowerment for people, reasonably curb the unnecessary and lavish state expenditures and can add more income resources and adding more people in the tax net in parallel. He said people should be respected and should have the free will to live independently as per the economic vision of both Quaid-e-Azam Mohammad Ali Jinnah and founder and leader of MQM Mr. Altaf Hussain.

Dr. Sattar said there should be an end to the ruling of elite class that has been occupying the resources for the last 65 years and that we should look at the economic model of highly progressive economies of Brazil, Russia, China and India. He said that as per the shadow budget MQM would bring down the deficit in different national institutions will have sizable deductions in the utility bills of water and electricity, end the corruption and make FBR more capable, will bring stoppage to Afghan transit trade and smuggling, will bring in mass transit system and local bodies government and will prosper the small industry by micro financing.