Karachi: In response to the recent budgetary measures, Faisal Moiz Khan, President of the North Karachi Association of Trade and Industry (NKATI), has urgently called on Prime Minister Shahbaz Sharif and key ministers to intervene to prevent the closure of small and medium enterprises (SMEs). Khan highlighted the adverse impacts of the new tax regulations introduced in the budget for 2024-25, warning of potential widespread shutdowns across the SME sector.

According to North Karachi Association of Trade and Industry, the burden of increased taxes could critically hamper the functioning of SMEs, threatening their survival and, by extension, significant sectors of the economy. Khan criticized the budget's strict alignment with IMF directives at the expense of economic growth and industrial stability. He has proposed urgent governmental actions, including tax reductions and lower utility tariffs, to alleviate the cost pressures on SMEs and prevent their closure.