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Business Recorder
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- Business
- Business Recorder
FPCCI's BMP says budget lacks strategy to revive economy
LAHORE: The Federation of Pakistan Chambers of Commerce and Industry's Businessmen Panel (BMP) has raised strong concerns over the Federal Budget, calling it a document full of theoretical optimism but lacking the concrete execution strategy required to address Pakistan's deep-rooted economic and industrial challenges. The BMP leadership said the government missed a critical opportunity to push forward structural reforms and provide the private sector with practical relief to overcome prevailing financial hardships, rising production costs, and export stagnation. BMP Chairman and former FPCCI President Mian Anjum Nisar said the budget failed to outline any viable roadmap for industrial expansion, job creation, or meaningful growth in the manufacturing sector. He regretted that instead of facilitating businesses, the budget has prioritised tax revenue goals without fixing fundamental issues affecting productivity and competitiveness. He stressed that Pakistan's economic revival is not possible without the active engagement and support of the business community, which continues to feel sidelined despite repeated promises of stakeholder-driven policy. Nisar criticised the government's excessive reliance on indirect taxation and short-term fiscal tools, warning that such an approach will only widen inequality and hinder long-term economic planning. He pointed out that the government has introduced aggressive tax measures without corresponding reforms in documentation and enforcement, creating fears of harassment among already compliant businesses. He strongly opposed granting tax authorities unchecked powers, such as freezing business accounts without prior notice, terming them anti-business and contrary to the spirit of voluntary compliance and trust-building. He said that the Rs1,000 billion earmarked for development spending is inadequate to meet the pressing infrastructure needs of Pakistan's economy, especially in industrial zones, ports, logistics corridors, and power transmission lines, adding unless these funds are used transparently with strict project prioritisation, they will have minimal impact. He urged the government to revive long-stalled industrial and transport infrastructure projects, which are essential to improving supply chains and reducing the cost of doing business. He also expressed serious disappointment over the continued neglect of value-added sectors, particularly textile, apparel, and light engineering, which are the backbone of Pakistan's export economy. Nisar reiterated the BMP panel's longstanding demand for the revival of the zero-rated regime and the removal of procedural hurdles in sales tax refunds. He noted that working capital remains stuck in refund cycles, which creates a liquidity crisis for exporters already struggling with thin margins and delayed shipments. He called for a complete rethinking of the country's tax strategy. Instead of placing more burdens on the formal sector, the government should broaden the base by targeting untaxed segments and expanding documentation through rational incentives. The business community has long urged for a simplified and predictable tax regime with reduced compliance costs, which remains unmet in the current budget. The panel emphasized that a true economic turnaround can only be achieved through structural reforms, reduced dependency on IMF programs, and the formulation of a long-term industrial policy. It pointed out that over reliance on remittances, foreign loans, and import-based revenues is unsustainable and exposes the country to repeated cycles of crisis. BMP urged the government to shift from short-term fire fighting to institutional capacity-building, export diversification, and innovation-led growth. BMP reaffirmed its commitment to standing with Pakistan's business community and offering constructive solutions, but stressed that the government must match its words with action and work hand in hand with stakeholders to lift the economy from stagnation toward sustainable, inclusive growth. Copyright Business Recorder, 2025
NDTV
12-06-2025
- Business
- NDTV
Noida Tech Firm Founder Refused Interim Bail In Rs 3,558 Crore Scam
New Delhi: The Supreme Court on Thursday refused to grant interim bail on medical grounds to the founder of a Noida tech firm, Arif Nisar, who is a key accused in a money laundering case linked to Vuenow Marketing Services over rotating money between old and new investors in the guise of sub-leasing cloud particles. Counsel appearing for Nisar told the bench of Justice PK Mishra and Justice Manmohan that he needs an injection and a surgery to save the eyesight of his right eye. However, the top court noted that there were no such recommendations by the doctors on the need for his hospitalisation. At this point, Nisar asked for a fresh examination by doctors, but the court refused his request. The top court granted him the liberty to approach the high court if the doctor recommended hospitalisation. The Enforcement Directorate (ED) arrested Nisar, a key figure in Vuenow Marketing Services Ltd, as part of a money laundering investigation linked to the company and its associated entities. The probe agency in its investigation said that Zebyte Infotech Private Limited (ZIPL) and Zebyte Rental Planet Private Limited, affiliates of Vuenow Group, were rotating the money of new investors to the old ones in the guise of sub-lease rent of cloud particles. As such, no rental income was generated from any clients who purported to have taken cloud particles on rent, the Enforcement Directorate said. According to the Enforcement Directorate, Nisar, who holds 75 per cent shareholding in ZIPL, is a mentor and founder of VMSL group and a close associate of Sukhvinder Singh Kharour. Kahrour is said to be the mastermind behind this alleged scam. The ED had also arrested Vuenow Group chief executive officer Sukhvinder Singh Kharour and his wife Dimple Kharour, who are allegedly involved in cheating people on the pretext of selling to them "cloud particles (servers)" and leasing them back on the assurance of providing monthly rental income to the investors. The probe agency said that funds to the tune of Rs 3,558 crore were raised through the alleged scam. What is the scam The case stems from an allegation that promoters and directors of these firms were running a scheme in which they lured people into investing in cloud particles or servers, for which they offered guaranteed rental returns of 48 percent per annum. They allegedly told the investors they would rent out these cloud particles to clients, and the rental income would go to them. But, it is alleged by the probe agency that there were no clients. Instead, new investors were brought in to pay the old investors, using the bank accounts of sister firms Zebyte Rental Planet Pvt Ltd (ZRPPL) and Zebyte Infotech Pvt Ltd (ZIPL).
Indian Express
11-06-2025
- Indian Express
2 journalists held for blackmail, and extortion: Noida Police
Noida Police Tuesday said they arrested two journalists for allegedly blackmailing a news channel's owner and extorting money from him. A senior police officer told The Indian Express, 'The accused had extorted Rs 2.26 crore from the owner of the news channel by blackmailing and threatening to implicate him in a false case if he did not pay the remaining amount (Rs 62.74 crore). Three separate cases have been registered against them (based on complaints) by the channel's officials.' Police produced the duo before the Gautam Buddha Nagar District Court in the afternoon. They were sent to 15-day judicial custody. The complainant, Jagdish Chandra (75), owner of Bharat24 in Noida's Sector 62, alleged that the woman, Shazia Nisar, had been 'threatening to implicate' him in a 'false rape case' unless he paid her Rs 65 crore. Adarsh Jha — who used to work for a digital portal till a few days ago — has been 'helping' her, he claimed. The FIR reads: 'Shazia Nisar, 30, has been working as an anchor in my channel since 2022. She has been blackmailing me by threatening to implicate me in a false rape case and commit suicide. She has been illegally demanding Rs 60 crore from me. In the last year, she has taken Rs 2 crore 26 lakh through cheques several times. I have evidence of this (transaction). Adarsh Jha… is helping her blackmail me.' When contacted, Chandra said, 'She (Nisar) is a blackmailer. The law of the land will take its course. Her services have been terminated.' The officer quoted above said, 'Apart from the complaint filed by the channel owner, two more complaints were filed by the channel's consulting editor Anita Hada and HR head Anushri Dhar.' Officers from Noida's Sector 58 police station raided Nisar's home — she lives in Delhi — on Monday and arrested her. Police claimed that Rs 34.50 lakh in cash, three mobile phones, two laptops, and a Scorpio car were seized from her home. Police, simultaneously, raided Jha's home at Indirapuram, Ghaziabad, and arrested him. Chandra approached the police on June 8. His channel executives — Hada and Dhar — filed their complaints against Nisar on June 9. Hada said allegations of harassment made by Nisar were incorrect. 'Had that been the case, she would have filed a complaint against him… I would have supported her,'' she emphasised. Asked why they didn't approach the police earlier instead of paying her, she said, 'We were worried that this would harm the reputation of the company. According to police, Chandra, who is also Chief Editor and Chief Executive Officer of Bharat24, also filed a complaint against Nisar's mother. She has not been arrested, police said. Police have booked Nisar, her mother and Jha for extortion Station House Officer, Sector 58, Noida, Amit Kumar said 'We took them into custody on Monday'. 'When asked about the money in her account, she (Nisar) did not have a proper explanation for it… it was a compensation, she told us. We produced them before the court today,' said Kumar. Neetika Jha is a trainee reporter with The Indian Express, Delhi. She covers crime, health, environment as well as stories of human interest, in Noida and Ghaziabad. When not on the field she is probably working on another story idea. On weekends, she loves to read fiction over a cup of coffee (cold coffee if it is summer). The Thursday Murder club and Yellow face were her recent favourites. She loves her garden as much as she loves her job. She is an alumnus of Asian College of Journalism, Chennai. ... Read More
Express Tribune
09-06-2025
- Express Tribune
Thousands of tourists flock to Jab Valley
In a striking display of Pakistan's growing eco-tourism potential, thousands of tourists from across the country flocked to Jab Valley in Haripur during the Eid holidays, turning the once-obscure locale into one of Khyber Pakhtunkhwa's most sought-after destinations. Located approximately 80 kilometres from Islamabad and 170 kilometres from Peshawar, Jab Valley has quietly evolved into a nature lover's haven, home to a chain of eight waterfalls that cascade in succession through forested cliffs. The valley lies just a short drive from Khanpur Dam, making it a convenient addition to traditional tourist itineraries. The waterfalls, some plunging from heights of up to 200 metres, were first discovered and documented in 2021 by Hassan Nisar, a YouTuber and founder of Metrix Pakistan. His efforts not only brought the natural beauty of Jab Valley to the forefront but also helped promote the region nationally and internationally through digital media. The viral videos and widespread coverage that followed played a central role in establishing Jab Valley as a new hub for eco-tourism. "I still remember hiking into the valley for the first time and hearing the roar of the waterfalls echoing through the cliffs. I knew instantly that the world needed to see this," said Nisar, smiling as he watched families pose for photos near the cascading waters. "Today, seeing so many people here appreciating the natural beauty of this place fills me with pride. This is exactly what I dreamed of - tourism that uplifts communities and brings people closer to nature." He added that Jab Valley now needs targeted government investment and infrastructure development. "With official support, this place can become a signature site of Pakistan's tourism in the new era - a model for sustainable, community-led and eco-friendly travel." "I came here with my friends from Lahore after seeing a video online. It's nothing like Murree or the usual tourist spots. It's peaceful and untouched," said Areeba Malik, a visitor from Punjab. Jab Valley's charm lies in its resistance to commercial trappings. With no mega resorts, plastic waste or urban noise, it offers a rare sensory retreat: the gushing of the waterfalls, the call of native birds and the whisper of the wind through towering pine trees and centuries-old wild olive groves, known locally as zaitoon. The ecological diversity of the region is remarkable. Migratory birds, porcupines, and foxes roam freely, while local flora includes medicinal plants long used by villagers for traditional healing. The valley's discovery has not only enriched Pakistan's natural tourism map. It has also revived the local economy. Shoukat, a roadside daba owner in the area, credits the influx of tourists for a threefold increase in his daily earnings since 2021. "Before, I used to make around Rs400 a day. Now during peak season or Eid, I can earn up to Rs1,200. That's a big difference for someone like me," he said, flashing a grateful smile. Despite the growing footfall, infrastructure remains minimal. Access roads are unpaved in sections, and there are no formal visitor facilities beyond a few local tea stalls and makeshift seating areas. While this lack of development adds to the valley's rustic appeal, it also raises questions about sustainability. Environmentalists caution that without regulated tourism, the fragile ecosystem could suffer. "We need eco-conscious tourism, guided hikes, proper waste disposal and limited human interference," said an environmental science student from Hazara University visiting the site. For now, Jab Valley remains a rare window into what tourism in Pakistan could be: rooted in nature, sustained by communities and appreciated with reverence.
Express Tribune
27-05-2025
- General
- Express Tribune
10,000 sq-ft national flag prepared in Karachi sent to Lahore
Listen to article A massive 10,000 square foot Pakistani flag, specially prepared in Karachi for Youm-e-Takbeer, has been dispatched to Lahore, where it will be hoisted at the Wagah Border opposite the Indian Tricolour on a 110-foot-high pole. The flag surpasses the size of the previous national flag flown at the same location by 400 square feet. The preparation of this monumental flag was part of celebrations marking the historic victory of Operation Bonyan al-Marsous and the national pride associated with May 28, Youm-e-Takbeer. The intricate production process spanned two weeks at a factory in Karachi's Korangi area, where around 25 skilled workers worked day and night on stitching and assembly. After initial processing at the factory, various materials were shifted to Hill Park (near Tariq Road), where the crescent and star were drawn, cut, and stitched onto the massive green canvas. Park visitors were drawn to the unusual sight and were seen taking selfies with the enormous flag and engaging with the flag-making team to learn more about the process. Speaking to Express News, Sheikh Nisar Parachamwala of VIP Flag Company said, "With this flag, we are breaking our own record. The previous national flag hoisted at Wagah measured 9,600 square feet; this one is around 10,000 square feet." He added that the most critical and technical phase in the process was cutting the crescent and star - a task that requires extreme precision and craftsmanship to ensure perfect curves and angles. The marking was done using chalk and rope before the crescent and star were carefully cut from white fabric and initially stitched onto the green fabric. Later, heavy-duty sewing machines were set up in the park to permanently attach the components together. Sheikh Nisar also emphasized the importance of fabric quality, stating that ordinary cloth is never used for national flags. "We use specially dyed, high-quality fabric that is resistant to strong winds, sunlight, and extreme weather. We oversee the dyeing process ourselves to ensure it meets our standards." The craftsmen behind the flag said they make flags for political parties and embassies throughout the year, but working on the national flag is always a source of pride and patriotism for them. "It's not just a job - it's an honour," one of them said. The finished flag was finally dispatched from Karachi to Lahore, where it will be proudly hoisted on Youm-e-Takbeer, a powerful symbol of national resilience and unity.
