In talks with the founder of Bahria Town, Malik Riaz
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Last night Mr. Kamran Khan invited Malik Riaz to his talk show “Duniya Kamran Khan Kay Sath”and discussed the current situation of the economy of Pakistan that is observing a severe downfall. Reasons and some alterations were proposed to face this decline too.
The very first question raised by Kamran Khan was why the people are not showing any interest in the business. Why the market is so unpredictable now that no one is interested to invest their money in the market even though they have money. To which Malik Riaz’s thought was that the new property law about documenting the assets within a limited period is the main reason why people are now afraid. His suggestion was to take the process slowly and gradually. Furthermore, he added that the 5 thousand rupee note and price bonds worth 40,000, 25000 and 15000 should be banned to erode the corruption to minimal. He also suggested that job opportunities should be created for locals so that the economy could get better. He proposed that the government should demolish the capital gain tax and start collecting fixed tax so that the overseas Pakistanis could easily invest in the real estate here and educational and health sectors should be given to businessmen to run smoothly.
Another main question that was raised by Karan Khan was how should the Prime Minister of Pakistan, Imran Khan run the real estate sector of Pakistan. How should he control the construction with the rising downfall and would he be able to create residential projects when the economy is so low. To which his answer was to bring technocrats instead of bureaucrats to redevelop the collapsed sectors and also suggested that the government should adopt the worldwide used techniques for development. Another important point highlighted in this interview was the documenting of property. It was asked how a country that has half of its citizens living without any documentation should be encouraged towards declaring their properties and why new amnesty scheme hasn’t been able to achieve the desired goals. To which it was predicted that if the amnesty scheme is extended further 10 days then the government could meet the desired target because people are now getting aware of its importance and its procedure. Furthermore, he suggested creating a land bank where every property is directly bought from the government thus avoiding any havoc of documentation, title, and other cases. Furthermore, he suggested taking a grasp tax instead of income tax so that the overall economy of Pakistan could get stable. And to cater to the corruption Malik Riaz suggested to increase the salaries of employees and keep incentives so that they can lead peaceful lives and do not indulge in corruption.